On July 18, 2024, the IRS finalized changes to the regulations governing required minimum distributions (“RMDs”) to reflect changes made by the Setting Every Community Up for Retirement Act of 2019 (“SECURE Act”) and SECURE...more
On April 16, 2024, the IRS issued additional transitional relief in Notice 2024-35 (“2024 Notice”) for certain required minimum distributions (“RMDs”). The latest relief extends the transitional relief that the IRS...more
On December 6, the House Ways and Means, House Education and the Workforce, Senate Finance, Senate Health, Education, Labor and Pension committees released a discussion draft of technical corrections and other clarifications...more
The IRS provided more transitional relief in Notice 2023-54 (“2023 Notice”) for certain required minimum distributions (“RMDs”). The 2023 Notice extends the transitional relief that the IRS previously issued in Notice...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”), like the original SECURE Act of 2019 (“SECURE 1.0”), made significant changes to the required minimum distribution (“RMD”) rules. The SECURE 2.0 changes generally allow for...more
On December 29, 2022, President Biden signed the Secure 2.0 Act of 2022 (the “Secure 2.0 Act”) into law. The Secure Act 2.0 builds off of the Secure Act, the last major retirement plan legislation enacted at the end of 2019,...more
The IRS has published transitional relief in Notice 2022-53 (the “Notice”) for required minimum distributions (“RMDs”) to certain beneficiaries who may not have anticipated the IRS’s interpretation of the RMD rules announced...more
The IRS has extended plan amendment deadlines to comply with the Setting Every Community Up for Retirement Act of 2019 (“Secure Act”) and the relief for 2020 required minimum distributions (RMDs) under the Coronavirus Aid,...more
The House and Senate are moving forward on several versions of legislation, which are collectively known as the “Secure Act 2.0” because they would build off of the Secure Act, the last major retirement plan legislation...more
6/28/2022
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Tax Planning
The IRS released proposed regulations today that implement certain SECURE Act changes to the rules governing required minimum distributions (“RMDs”) from qualified retirement plans, 403(b) plans, IRAs, and certain other...more
Emergency Withdrawals. Participants in defined contribution plans (profit sharing, 401(k), and 403(b) plans) could access their retirement savings now if plans are amended to allow coronavirus-related withdrawals....more
The Secure Act is the most significant legislation affecting qualified retirement plans in more than a decade. (See our prior post summarizing key changes.) Changes to the minimum distribution rules are among the most...more
In 2015, the IRS limited the de-risking options available to defined benefit pension plans by effectively prohibiting lump sum windows to retirees who are currently receiving annuity payments (known as “retiree lump sum...more