SECURE 2.0: A Desk Reference for Governmental Plans

Since the SECURE 2.0 Act was signed into law, retirement plan sponsors have been working to understand the specific changes that will impact their plans, employees and retirees. The legislation included approximately 90 separate provisions and impacts virtually all aspects of retirement savings for American workers.

NCPERS developed the SECURE 2.0: A Desk Reference for Governmental Plans to provide guidance on the provisions most likely to impact its member plan sponsors and trustees. The report includes action steps and amendment deadlines, as well as the latest IRS guidance on relevant provisions.

Download the SECURE 2.0: A Desk Reference for Governmental Plans.

The changes outlined will require all existing plans to make operational changes in order to administer their plans in compliance with mandatory provisions in the law, some of which took effect in 2022.  In addition, employers and pension systems should work with their recordkeepers to carefully consider adopting one or more of the optional provisions to provide employees with new opportunities for savings and flexibility for distributions. 

For governmental plans, the deadline to adopt plan amendments pursuant to the changes required (or optionally permitted) by SECURE 1.0, the CARES Act and SECURE 2.0 is December 31, 2029.  However, plans must still operate in accordance with the provisions of SECURE 2.0 as of the applicable effective date. Please direct any questions to info@ncpers.org.

NCPERS would like to express its sincere gratitude to the principal author, Robert Gauss, and contributing authors, Michelle McCarthy and Tony Roda, for their efforts to produce SECURE 2.0: A Desk Reference for Governmental Plans. Thank you for sharing your expertise with NCPERS members and for your continued support of the public pension community.