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ARTICLE · 17 SEPTEMBER 2024

SECURE 2.0 Emergency Personal Expense And Domestic Violence Distribution Rules

Spencer Fane LLP
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In 2022, Congress passed the SECURE Act 2.0 to enhance access to retirement savings vehicles and make it easier for individuals to save for retirement.

United StatesEmployment and HR
Tiffany Santhavi Watts
Tiffany Santhavi Watts

In 2022, Congress passed the SECURE Act 2.0 to enhance access to retirement savings vehicles and make it easier for individuals to save for retirement. Among the incentives for individuals to save were optional modifications to 401(k), 403(b), and governmental 457(b) plans that would allow participants to take early withdrawals in certain circumstances.

The IRS recently issued Notice 2024-55 to address situations in which plan participants may want to access their retirement savings for critical personal or family emergencies. The Notice provides additional guidance on two, special in-service distribution rules added by SECURE 2.0: one for emergency personal or family expenses and one for victims of domestic violence. These lifelines for individuals in dire situations allow plan participants to access much-needed funds from their retirement accounts without the 10% additional tax typically imposed on early withdrawals, even if they have not otherwise experienced a

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