On March 29, 2022, the U.S. House of Representatives passed the Securing a Strong Retirement Act – better known as SECURE Act 2.0 because it builds upon the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

We support SECURE Act 2.0 generally but am disappointed the bill doesn’t offer any 401(k) transparency reform.

Today, 401(k) plans can be a black box of hidden fees and conflicts of interests. This lack of transparency can make it impossible for employers to offer their employees a cost-efficient 401(k) plan.

Cost-efficient 401(k) plans are characterized by low administration fees and ”prudent” investments – basically, funds that meet their investment objective for reasonable fees. These features can make retirement dramatically more affordable for employees while protecting employers from fiduciary liability. Americans deserve no less.

Continue reading for a summary of the 401(k) provisions of SECURE 2.0 and the 401(k) transparency reform we believe would lead to more cost-efficient plans.

For more information, visit www.employeefiduciary.com.

401(k) Must Reads

Summary of House-Passed SECURE 2.0 Legislation (PDF)

23-page chart presents provisions of SECURE 2.0, as passed by the House on March 29, side-by-side with current law.

Click here to read more

RS Proposes Updates to RMD Rules for SECURE Act and More

Proposed IRS regulations would implement two significant Required Minimum Distribution (RMD) changes made by the SECURE Act of 2019.

Click here to read more

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