SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions
The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10 percent early distribution penalty tax. Normally, IRA owners and retirement plan participants are subject to this penalty tax if they withdraw...
Proposed Regulations Govern Making Participant Elections and Spousal Consents Electronically
The coronavirus pandemic resulted in restrictions on where and how people could meet. These limitations—including remote work requirements—made it harder for some participants to take distributions from employer-sponsored retirement plans. In response, the IRS issued...
Don’t Overlook These Benefits for Your Small Business Plan
Below are three of the most popular small business retirement plan options and a breakdown of how both the SECURE Act of 2019 (SECURE 1.0) and the SECURE 2.0 Act of 2022 (SECURE 2.0) provisions enhanced these plans. SEP Plans With a simplified employee pension (SEP)...
SECURE 2.0 Act Increases RMD Age
SECURE 2.0 increases the RMD age from age 72 to age 73 in 2023, and then to age 75 in 2033* (or the year of retirement, if later, for certain plan participants who are not 5 percent owners). Individuals born in 1950 or earlier are unaffected by this change and must...
