A Brief Overview of the SECURE 2.0 Act
At the end of 2022, the Consolidated Appropriations Act of 2023 was signed into law. This act included provisions that impact retirement savings plans, building on the SECURE Act of 2019. New benefits are available to both employers and employees under the provisions referred to as SECURE 2.0.
Some of the key reforms to retirement savings plans include:
- Larger catch-up contribution options
- Adjusted required minimum distributions (RMD)
- Automatic enrollment in 401(k)
- Options for emergency distributions and withdrawals
- Account type conversions
Read a full breakdown of these changes in this Forbes article, or review the act in its entirety.
This article is informational and does not constitute legal or financial advice. Consult with an employment lawyer or accountant for additional clarification on how these changes impact your company.
Bringing on new hires this summer?
Summer is just around the corner, and for many companies, that means seasonal hiring is coming! But whether your business is bringing on one new hire or a whole slew of them, an effective onboarding process is a must. Onboarding sets the tone for the new employee and outlines expectations and responsibilities. Good onboarding is linked to improved employee retention and overall satisfaction.
But when you’re hiring seasonally, retention may not be as important. Here’s something to think about: does your company have a strong offboarding process in place? It’s not talked about as much as onboarding, but it’s equally important, particularly when you have temporary employees. Your process will also aid in tying up loose ends and getting valuable feedback from employees about their experience in specific roles.
Did you know that we offer an onboarding and offboarding tool in the HCM solution we provide to our clients? It simplifies the process of bringing on new hires and parting with employees, thanks to automated tasks and data that flows throughout the system. Learn more about adding this to your platform by contacting customer service or clicking here.
Upcoming Important Dates
- May 29 (Memorial Day): Payroll People and Federal Reserve closed
- June 19 (Juneteenth): Payroll People open, Federal Reserve closed, Non-processing day
- July 4 (Independence Day): Payroll People and Federal Reserve closed
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