Biden signs SECURE 2.0, expanding retirement savings access for 50 million workers

Biden signs the SECURE 2.0 Act as part of the Consolidated Appropriations Act of 2023. Congress passed the legislation with broad bipartisan support. SECURE 2.0 expands access to workplace retirement plans, raises the Required Minimum Distribution age from 72 to 73 (and eventually 75), creates auto-enrollment requirements for new 401(k) plans, expands catch-up contribution limits, and adds emergency savings account provisions. The law affects an estimated 50 million American workers. IRS implementation guidance rolls out through 2023 and 2024, with key provisions phasing in through 2033.