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SECURE 2.0 further expands employer flexibility by allowing employers to retroactively adopt amendments to increase plan benefits for the prior plan year. Waiver of early withdrawal penalties for certain distributions.

SECURE Act 2.0 is here, and this law adds over 90 new provisions to help Americans save through employer-sponsored plans. ADP is here to help you learn about the ins and outs of SECURE 2.0 and how businesses can take advantage of increased tax incentives.

The notice provided initial guidance on other provisions of the SECURE 2.0 Act as well. As background, a catch-up contribution is an additional contribution permitted to be made to a retirement plan by employees age 50 or older over the normal contribution limit (i.e., $22,500 for 2023).

SECURE 2.0 increases the age for required minimum distributions (RMDs) to 73, beginning on January 1, 2023, and to age 75 on January 1, 2033, for certain individuals. In addition, the penalty for not taking the RMD decreases from 50% to 25% of the RMD amount, and 10% for IRAs if corrected timely.

New Rules for Required Minimum Distributions The age at which you must begin taking RMDs is increasing, from 72 to 73 in 2023, and to 75 in 2033. SECURE 2.0 also eliminates the RMD requirement for employer-sponsored Roth plans, such as Roth 401(k) accounts, starting in 2024.

January 2023. The SECURE 2.0 Act of 2022 ? enacted to improve retirement readiness ? is signed into law. On December 23, 2022, the U.S. Congress passed the SECURE 2.0 Act of 2022, and President Biden signed it into law on December 29.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. Tooltip Public Law (United States) 116?94 (text) (PDF), was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 (2020 United States federal budget).