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ARTICLE · 06 FEBRUARY 2023

SECURE 2.0 – Defined Contribution Plan And IRA Distributions Reconsidered

Cohen & Buckmann
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SECURE 2.0 made significant changes to the required minimum distribution ("RMD") rules. Several of those changes relax the basic RMD rules and reduce the penalties...

United StatesEmployment and HR
Emily Meyer
Emily Meyer

SECURE 2.0 made significant changes to the required minimum distribution ("RMD") rules. Several of those changes relax the basic RMD rules and reduce the penalties applicable when RMDs are not made. Other, more technical changes to the RMD and early distribution rules are intended to encourage the use of defined contribution plan and individual retirement account ("IRA") funds to purchase life annuities. The reforms build on changes made by 2019's Setting Every Community Up for Retirement Enhancement Act ("SECURE 1.0") and follow years of interest on Capitol Hill and at the Internal Revenue Service and Department of Labor in policy changes to facilitate defined contribution and IRA distributions that provide lifetime income.

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