SECURE Act 2.0

At the end of 2022, Congress passed new legislation affecting work-sponsored retirement plans, as well as IRAs. The new legislation is designed to improve the current and future state of retiree income in the United States. All provisions will take place in 2024.

The most notable initiatives include:

  • Later age required for minimum distributions (RMDs)
  • Reduction in the RMD excise tax
  • No RMDs from Roth 401(k) accounts
  • Higher limits and looser restrictions on qualified charitable distributions from IRAs
  • Higher catch-up contributions
  • Roth matching contributions
  • Automatic enrollment and automatic saving increases
  • Emergency savings accounts
  • Matching contributions for qualified student loan repayments
  • 529 rollovers to Roth IRAs
  • New exceptions to the 10% early-withdrawal penalty
  • Saver's match
  • More part-time employees can participate in retirement plans
  • Rules for lifetime income products in retirement plans
  • Retirement savings lost and found
  • Military spouses

Click here for more detailed information on each of these initiatives