Title: Secure 2.0 Becomes Law over a background of a coin jar labeled "Retirement" with the logo for The Benefit Doctor in the top left corner.

Retirement Plans Required?

December 01, 20232 min read

SECURE 2.0 Act: Transforming Retirement Planning in America

You can read the key provisions by downloading our PDF here. In this blog post I'm going to be diving into the employer side of things a bit more, and I'll be adding in links for articles or videos I found most helpful.

The biggest things I've seen is that there is still a lot being left up to the individual states to decide. For example, some states already have a state level retirement that everyone is required to participate in. I found the map below and it's updated as of July 2023. (Click photo to visit their site.)

Map of the United States of American showing which states have mandated retirement plans.

As you can see there are some who have already put mandated retirement plans in place, some have a law enacted, being proposed or studied, and few with no plan being considered. What does that mean for employers?

It means you'll want to follow this... The Federal side of things impacts what must happen when you put a new retirement plan in place starting 2024, the State side of things will be determined by where your state is in the process.

For Arizona, where my office is located, I found the Az Society of CPA's with a published article here. The author speaks briefly and to the point on the tax credits available for businesses, the changes to RMD's for employees, and points out some great questions around the law that have yet to be answered by the Federal Government.

My two cents, some states will be implementing these mandatory retirement plans, you will have to decide if you want to have your employees just participate in the state's or if you'll be setting up your own. We'll be keeping an eye on it for our state and updating this blog post as changes happen.

For further details and the complete text of the SECURE 2.0 Act, refer to the Consolidated Appropriations Act of 2023, a summarized version here, and a section-by-section breakdown available here. View the original SECURE Act here.

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Emily Evans

Emily has been in the insurance industry for more than 12 years and loves helping her clients by being a solutions engineer.

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We service clients nationwide with our team of Benefit Doctors.

Emily specializes in the states of Arizona, Florida, and Texas. (All the places where her family lives. 😁)

Her focus is on clients from 10 employees up to 500 employees.

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