Description
With the enactment of the long-awaited SECURE 2.0 legislation, now is the time to become familiar with its more than 90 provisions related to retirement planning. SECURE 2.0 builds upon ways the original SECURE Act of 2019 impacts IRAs, 401(k), 403(b), governmental 457(b), and section 529 college savings accounts. Specifically, the new legislation includes changes to required minimum distributions (RMDs), transfers of 529 assets to Roth IRAs, and mandatory Roth catch-up contributions for certain employees. SECURE ACT 2.0 also authorizes the creation of new retirement account types, including a "Starter" 401(k) plan and SEP and SIMPLE IRA Roth accounts.
Learning Objectives
Major provisions of SECURE 2.0
Changes to the RMD beginning dates
529 Plan to Roth IRA transfers
New retirement plan design opportunities
Insights on the Roth catch-up requirement
Focus on the effective dates of the provisions
Your Questions