SECURE Act 2.0

Convergent Retirement Plan Solutions, LLC

Following months of speculation, SECURE Act 2.0 was passed by Congress on Friday, December 23, 2022, as part of the federal government’s massive $1.7 trillion year-end spending bill. Much like it’s 2019 predecessor, SECURE Act 2.0 is a comprehensive package of retirement reforms (350 pages) containing numerous changes affecting both IRAs and employer-sponsored retirement plans including the following.

• Roth contributions for SEP and SIMPLE IRA arrangements
• Federal matching contributions for qualified savers (IRA and employer-sponsored plans)
• Significantly increased employer funding opportunities under SIMPLE IRA arrangements
• Increased catch-up contributions under SIMPLE IRAs and 401(k) plans
• New “Starter 401(k)” plan option
• New statutory authority for “Automatic Portability Transactions”
• New penalty exceptions for early distributions
• Transition to age 75 for staring required minimum distributions
• Expanded beneficiary distributions options for special needs trusts
• Significant increase in small plan start-up tax credit
• New options for rolling from 529 plans to Roth IRAs
• Increased limits for Qualified Longevity Annuity Contracts (QLACs)
• Reduction in the 50% excess accumulation penalty
• Exemption from RMD requirements for designated Roth contributions (401(k) plans, etc.)
• Special tax rules for “Qualified Disaster Recovery Distributions”
• Option to designated certain employer matching/nonelective contributions as designated Roth contributions
• Mandatory Roth treatment of catch-up contributions for certain high-income plan participants

While some provisions of the Act have a delayed effective date, others will become effective immediately upon enactment.

To help providers nationwide prepare for these far-reaching law changes, Convergent will provide a section-by-section breakdown of the Act’s most important provisions. In addition to providing a comprehensive overview of SECURE Act 2.0 provisions, Convergent will share its initial thoughts and suggestions concerning steps providers should consider taking immediately in response to these changes.

This webinar will be repeated Thursday, January 5, 2023 @ 3:00 PM (ET)

More Information, How to Register