Meet the SECURE 2.0 Act
The SECURE 2.0 Act of 2022 is a new retirement law that seeks to increase retirement savings and modernize retirement distribution and savings rules. A few of the provisions are listed below:
- Allows employees to self-certify hardship withdrawals.
- Makes it easier to save for retirement while paying student loan debt.
- Updates required minimum distribution rules (RMD).
- Encourages saving for short-term expenses in addition to retirement.
- Increases the catch-up contribution limit and requires certain catch-up contributions to be Roth.
- Streamlines the retirement savings process when participants change jobs.
- Eliminates requirements to share disclosures with eligible unenrolled participants.
Click on the link below to read Fidelity's presentation on SECURE 2.0.