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SECURE 2.0 Act of 2022 Modifies Retirement Plan Provisions
VOYA Financial Link to more items from this source
[Guidance Overview]
Dec. 30, 2022

"Plans and traditional IRAs may permit one withdrawal per calendar year up to $1,000 for an unforeseeable or immediate financial need relating to necessary personal or family emergency expenses.... The Act permits an automatic portability provider (APP) to rollover an automatic cash out IRA established with a participant's prior employer-sponsored retirement plan into a subsequent eligible defined contribution employer-sponsored retirement plan.... The Act reduces the excise tax [on late RMD's] from 50% to 25%.... Surviving spouse election to be treated as employee (for purposes of RMDs) ... Special rules for use of retirement funds in connection with qualified federally declared disasters.... Paper benefit statements [required] in certain cases."

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