General SECURE 2.0 Act Provisions Affecting ESOPs and Related Plans

In addition to the beneficial changes for employee ownership in the WORK Act we outlined in the previous newsletter, SECURE 2.0 makes many changes that will affect most ESOP plan sponsors and qualified plan sponsors in general. Some of these have to do with operational rules, others only apply to 401(k) plans, and still others provide additional small credits that any sponsor of a defined contribution plan with under 100 employees can use