What you should know: SECURE 2.0 Act for Multiemployer Defined Benefit (DB) Plans
On December 29, 2022, the SECURE 2.0 Act was signed into law as part of the Consolidated Appropriations Act, 2023. The new law includes significant changes to retirement rules that primarily focus on expansion of retirement savings opportunities and access in Defined Contribution Plans. There are fewer law changes in SECURE 2.0 that affect Multiemployer Defined Benefit Plans.
To help plans better understand the impact of the Act, we created a high-level summary of the key SECURE 2.0 provisions affecting Multiemployer Defined Benefit plans along with our observations.