Keep pace with changes from the SECURE 2.0 Act of 2022 (SECURE 2.0)

As SECURE 2.0 legislation evolves, we want to keep you informed and help you prepare. Our new Guide to SECURE 2.0: Provisions for Plan Sponsors is your single source of information about provisions that may affect your plan and employee(s). Visit the News & Communications section of your plan website to view the guide and read about provisions, such as:

• Provision 304: Cash-out dollar limit increase from $5,000 to $7,000. If your plan elected the maximum cash-out limit of $5,000 as of the end of 2023, your plan was defaulted to the new maximum limit of $7,000 as of January 1, 2024.
  
• Provision 312: Employer reliance on employee certification for deemed hardship distributions. Participants may now self-certify that a distribution qualifies as a safe harbor hardship distribution. Additionally, all plans that allow for hardship distributions have been defaulted to allow for self-certification, unless we have been instructed otherwise.
  
• Provision 325: Exempting designated Roth accounts from required minimum distributions (RMDs). Effective for RMDs beginning in 2024, Roth balances are no longer included when calculating the participant’s RMD and should not be counted towards satisfying a participant’s RMD.

Use the guide to understand the provisions, steps we’re taking, and what you may need to do to comply with the new legislation. It will be periodically updated to reflect the most current guidance.