SECURE 2.0

The SECURE 2.0 Act of 2022, (SECURE 2.0) provisions affecting the Employee Plans Compliance Resolution System (EPCRS) support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program (SCP).

The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.

Congress has wrestled with Americans’ lack of emergency savings for years. Numerous proposals have been offered, but no substantial measures have passed. Until now.

The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.

The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.

Congressional leadership from the House Committee on Ways and Means and the Senate Committee on Finance have sent a letter to officials at the Treasury Department indicating that Congress intends to introduce technical correction legislation to correct erroneous statutory language for several SECURE 2.0 provisions in order to accurately carry out Congressional intent.

This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0

The SECURE 2.0 Act modifies one small-employer credit and creates another. These credits may make establishing and contributing to a plan much more attractive.

Credible studies have concluded that employers who automatically enroll plan participants into a retirement plan help place them on a lifetime path to meaningful savings.

On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum
distribution (RMD) reporting by IRA trustees, custodians, and issuers.