Do you have clients that are in for a rude awakening come 2023?
Let me explain. It seems the retirement industry has been relatively quiet on preparing businesses for SECURE Act eligibility changes. As of January 1, 2021 (for calendar year plans), the law expanding access to qualified plans for long-term, part-time employees went into effect. However, we are still awaiting guidance on implementing these changes from the IRS, and most plan document providers have not released interim amendments covering these changes. Depending on an upcoming vote in the Senate, changes will be implemented on either January 1, 2023 (SECURE Act 2.0) or January 1, 2024 (the original SECURE Act).
