Page 271 - DCAC February 2024 Files

Optional provisions do not have a deadline, they can be implemented later
several years. Many of the provisions will not take effect for
Assessing recordkeeper capabilities is essential for many of the provisions
Financial impact on plan sponsors due to implementing new provisions
Coordination with payroll provider is important for certain provisions
as it stands
Your recordkeeper may have defaults for the optional features

5

Fiduciary Topics & Trends Legislative Update: SECURE 2.0 Overall Considerations: •Not all provisions apply to your plan(s) •Regulatory guidance is still pending for many provisions • • •Some provisions are mandatory, others are optional – – • Reminder: Plan documents do not need to be updated until the end of the first plan year that starts in 2025. Governmental plans have until the end of the 2027 plan year