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- Title
Reexamining the SECURE 2.0 Act for 2024: Previous, Current, and Future Considerations.
- Authors
Ryle, Patrick M.; McKnight, Mark A.; Bueltel, Brett L.; Koch, Christian G.; D'Itri, Michael P.
- Abstract
The SECURE 2.0 Act is a regulatory reform measure that aims to improve retirement savings in the United States. It has already implemented several provisions and will introduce more in 2024 and beyond. These provisions include raising the minimum distribution age, reducing penalties for under-distribution, allowing Roth contributions, and providing incentives for employees to contribute to retirement plans. The article emphasizes the importance of understanding and following these provisions for clients and their advisers. The IRS has provided guidance on pension-linked emergency savings accounts (PLESAs), which are short-term savings accounts that function as part of an individual plan. The act also allows for emergency withdrawals from retirement accounts and increases catch-up contribution limits. It aims to help employees with lost or unclaimed retirement accounts by creating a searchable national database. The implementation of the act may be affected by state laws and regulations.
- Subjects
INDIVIDUAL retirement accounts; 401(K) plans; EMERGENCY savings accounts; FINANCIAL literacy; COMMERCIAL law; FINANCIAL management; DEFINED contribution pension plans
- Publication
Journal of Financial Planning, 2024, Vol 37, Issue 7, p44
- ISSN
1040-3981
- Publication type
Article