Relief Extended From Certain Required Minimum Distribution Requirements For Beneficiaries

The IRS on April 16, 2024, released Notice 2024-35, which extends previously issued temporary relief from certain required minimum distribution (RMD) requirements for beneficiaries under qualified defined contribution plans through Dec. 31, 2024.

Background

Qualified plans must make RMDs to plan participants starting by a participant's required beginning date, which is generally April 1 following the later of 1) the year a participant reaches the applicable age (i.e., age 75 for a participant born after 1959, age 73 for a participant born 1951-1959, age 72 for a participant born from July 1, 1949, through Dec. 31, 1950, and age 70½ for a participant born before July 1, 1949) or 2) the year in which the participant retires. Beneficiaries are also subject to RMD requirements.