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ARTICLE · 10 JULY 2023

What You Need To Know For 2023 Secure 2.0 Act

Buckley Fine Law
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President Biden recently signed the SECURE 2.0 Act as part of the Consolidated Appropriations Act of 2023. This new legislation will greatly impact employee retirement plans...

United StatesEmployment and HR
Oana L. Militaru
Oana L. Militaru

President Biden recently signed the SECURE 2.0 Act as part of the Consolidated Appropriations Act of 2023. This new legislation will greatly impact employee retirement plans 401(k), 403(b), IRA and Roth accounts.

Below are some of the highlights:

  • RMD Changes: Perhaps one of the most talked about provisions increases the age for required minimum distributions (RMDs) from retirement plans from 72 to 73 for those born between 1951 and 1959. In 2033, the age will be pushed up to 75.
  • Reduced RMD Amount: The excise tax for missing all or part of a Required Minimum Distribution (RMD) decreased by half—from 50 percent to 25 percent in 2023. There is an additional reduction to 10 percent if the past due RMD is corrected within two years.

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