SECURE 2.0 Act Decoded: Navigating Retirement Plan Updates!

Credit(s)

IRS CPE Credits: 1 Tax hour

Congress holds the view that individuals do not save adequately for retirement in part due to the failure of small businesses to sponsor retirement plans. To stimulate this area, the SECURE Act of 2019 and the SECURE 2.0 Act of 2022 are signed into law making changes and additions to the retirement area. These acts are intended to encourage small businesses to sponsor retirement plans, to encourage employees to participate, and to encourage employers to contribute to the plans. As a result, changes are made in the areas of the SIMPLE and SEP plans, the catch-up contribution amounts, introduction of several new retirement plans such as the SIMPLE 401(k), Safe Harbor 401(k) plan, and Automatic Enrollment Starter 401(k) plan to name a few. In addition, the SECURE 2.0 Act increases the tax credit for small businesses start-up costs. Some of the changes introduced by the SECURE 2.0 Act are effective in 2023 and others are effective in later years. In this webinar, we discuss many of these provisions and the various effective dates for these tax provisions.

Webinar Objectives

The major issues addressed in this webinar include the introduction of the SECURE 2.0 Act and the numerous changes to the retirement area. More specifically, we want to discuss the changes made to existing retirement plan tax rules, the introduction of new retirement plans, changes with restrictions on the catch-up contribution rules, and the difference in effective dates. Needless to say, Treasury is still in the early stages of interpreting some of these legislative changes.

Webinar Highlights

• Discussion of SIMPLE and SEP plans rules, including new contribution limits,
• Introduction to modifications and inclusions to employer sponsored retirement plan,
• Application of credit for small business start-up costs,
• Introduction to starter 401(k) plans for employers with no retirement plan,
• Introduce a retroactive 1st year elective deferral for sole proprietors,
• Allow SIMPLE IRA and SEP plans to accept Roth contributions,
• Review the retroactive first year elective rule for sole practitioners,
• Introduce new higher catch-up contributions limits for retirement plans,
• Introduce Roth contribution restrictions on individuals with wages more than $145,000, and
• Withdrawal by employees from employer plans for certain emergency expenses.

Who Should Attend

• Accountants
• Tax Accountants