Question: Our plan advisor has done an excellent job of keeping us informed and updated on both mandatory and optional SECURE Act 2.0 provisions, along with the timing of each. How are other plan sponsors faring?
Answer: Given that it’s the largest retirement legislation in history (with more than 90 provisions), it’s not surprising that many plan sponsors continue to need support and guidance regarding SECURE Act 2.0. According to a recent edition of UBS Workplace Voice, less than half of employers know which provisions are mandatory versus optional. In addition, UBS found that 52% of employers did not understand the timeline of when certain provisions would go into effect.
