Amendments and Benefits Changes under SECURE 2.0 and OBBBA

Kutak Rock LLP has announced that amendments to retirement plans impacted by the SECURE 1.0, CARES Act, and SECURE 2.0 must be completed by December 31, 2026. Nongovernmental 457(b) plans have a separate deadline of December 31, 2025. Collectively bargained plans need to comply by December 31, 2028, while governmental and 403(b) plans for public schools have until December 31, 2029. Stakeholders seeking more details on SECURE 2.0 compliance are urged to consult the firm's Employee Benefits and Executive Compensation group.

The One Big Beautiful Bill Act of 2025 (OBBBA), enacted on July 4, 2025, brings pivotal changes to benefits and compensation frameworks, including high-deductible health plans, health savings accounts, and fringe benefits. It also impacts the Affordable Care Act premium tax credits and adjusts provisions for executive compensation, as well as 529 College Savings and ABLE accounts, effective January 1, 2026. Employers should examine how OBBBA will affect their benefit plans and consider necessary amendments. Comprehensive guidance and recommended employer actions can be found in Kutak Rock LLP’s client alert dated July 8, 2025. For further inquiries regarding OBBBA, the firm's Employee Benefits and Executive Compensation group remains available for consultation.