The retirement plan industry has been wrestling with the changes to required minimum distribution (RMD) provisions made by the SECURE Act and SECURE 2.0. One issue in particular has caused considerable confusion....more
8/28/2024
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Distribution Rules ,
Employee Benefits ,
Excise Tax ,
Guidance Update ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
New Rules ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act
SECURE 2.0 provided employees better access to liquid assets during a major life crisis. We have previously discussed the domestic abuse victim distribution exemption and the emergency personal expense distribution exemption...more
Beginning this year, plan sponsors may increase their qualified plan’s mandatory cash-out limit from $5,000 to $7,000. The increase was enacted by SECURE 2.0, and applies to distributions made after December 31, 2023....more
IRS guidance issued last week delays the implementation of mandatory Roth catch-up contributions. As outlined in our blog post earlier this year, SECURE 2.0 amended the catch-up contribution provisions of the Code....more