SECURE 2.0 Act - Position Paper UPDATED (U.S.A Only)

March 10, 2023 | 2 minute read
Tammy Boyles
Product Management Director
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If you search for SECURE 2.0 Act online you will find numerous articles and blogs written by legal consultants, financial advisors, and planners. You can also go directly to BILLS-117hr2617enr.pdf (congress.gov) to read the actual legislative bill.

The Act contains 92 provisions that affect retirement savings plans. Some of these are voluntary while others are mandated. Oracle/PeopleSoft has been closely monitoring and gathering information from a variety of sources and waiting for federal agencies to provide additional interpretation and specific instructions on the SECURE 2.0 ACT provisions. I cannot stress the importance for every organization to start their own review of the legislation.

PeopleSoft provided the first Position Statement in January 2023 and has just recently published an Updated Position Statement with information about feature enhancements under consideration. The position statement will be updated if other changes are determined to be needed in the PeopleSoft applications to help customers comply with SECURE 2.0 Act.

PeopleSoft’s current Benefits functionality and flexible setup will meet many of the basic requirements set out in the Act.  We expect to provide additional documentation to assist customers in understanding possible configuration options if needed. It is important to understand that enhancements and documentation may not be limited to Base Benefits but may require Benefits Administration as well.

Based on our initial review of the Act and information we have received thus far, Oracle is considering some updates for Savings Plans in PeopleSoft. These may include:

  • Providing flexibility in setting catchup limits based on age
  • Age catchup for 415c limits
  • Providing minimum contribution amounts and percentage fields with validation

As I have mentioned, some of the provisions of the Act are voluntary. Where voluntary functionality is not available, we will consider new enhancements based on a number of factors including Ideas Lab votes.

The Benefits Focus Group met a few weeks ago for an open discussion to understand what organizations are considering as their strategy around the SECURE 2.0 Act. Based on the responses, only a few customers have really begun their research. Again, it will be important for customers to begin determining their strategy for compliance as it may be slightly different for each organization.

Follow our blogs as we will continue to keep you up to date about what we are doing. If you are interested in joining the Benefits Focus Group, please send an email to tammy.boyles@oracle.com. Your organization must complete and sign a confidentiality agreement to participate.  If you do not have an agreement, I will gladly help you get the process started.  

Disclaimer: The information in the documents may not be construed or used as legal advice about the content, interpretation or application of any law, regulation, or regulatory guideline. Customers and prospective customers must seek their own legal counsel to understand the applicability of the law or regulation.

Tammy Boyles

Product Management Director


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