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.
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.
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. Ultimately, these credits may make it possible for employers to adopt and run a plan with no out-of-pocket expense for the first few years that a plan is in place.
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.
The SECURE 2.0 Act has shortened the time necessary to allow part time workers access to 401(k) plans.
The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.
On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.