Secure 2.0 Retirement Legislation

Secure 2.0 Retirement Legislation

September 14, 2023

Congress passed landmark retirement legislation called "SECURE 2.0" in December 2022. The bill includes a number of provisions that will expand access to workplace plans and incentivize Americans to save more for retirement. 

We're awaiting further guidance on some of the legislation's provisions and will update you - here, in Streamline News, and in webinars- when we learn more. 

Update: IRS issues Notice 2023-62 

On August 25, 2023, the IRS issued Notice 2023-62 titled "Guidance on Section 603 of the SECURE 2.0 Act with Respect to Catch-Up Contributions." The notice delays until 2026 a requirement that plan participants with compensation exceeding $145,000 must make their catch-up contributions on a Roth basis. 

IRS issues Notice 2023-54

On July 14, 2023, the IRS issued Notice 2023-54 titled "Transition Relief and Guidance Relating to Certain Required Minimum Distributions." The notice provides relief for missed 2023 required minimum distributions (RMDs) for certain IRA beneficiaries and also extends the 60-day rollover period for those who took unnecessary distributions in 2023. 

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. Securities and advisory services offered through LPL Financial, a registered investment advisor and broker-dealer (member FINRA/SIPC).