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SECURE 2.0: RMDs, Retirement Plan Set-Up Credits, Long-Term Part-Time Employee Coverage, Key Effective Dates

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, May 11, 2023

Recorded event now available

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This webinar will discuss the major SECURE 2.0 provisions affecting retirement plans, provide guidance and clarifications (where possible), and point out the tips and traps in areas where administrators and tax professionals need to beware until the Internal Revenue Service and Department of Labor provide additional guidance.

Description

On Dec. 29, 2022, President Biden signed legislation enacting SECURE 2.0, which significantly expands the effect and adds to 2019's SECURE Act (now called SECURE 1.0). It seems there is something for everyone in SECURE 2.0. Young workers, part-time workers, retired taxpayers, and small businesses all stand to benefit from this recent legislation. While SECURE 1.0 increased the age for required minimum distributions from 70 ½ to 72, SECURE 2.0 went further, increasing the RMD age to 73 in 2023 for taxpayers not 72 years old by the last day of 2022.

For eligible businesses with 50 employees or less, the new Act offers a credit for 100 percent of the costs of establishing a retirement plan. Long-term part-time employees are eligible to participate in 401(k) plans, and payments on eligible student loans can be used to determine an employer matching contribution allocation. Besides the numerous changes made by SECURE 2.0, the greatest complications could be the varying effect dates. And while the proponents of SECURE 2.0 lauded its many benefits, those benefits come at the cost of substantial complications and the continued absence of much-needed guidance from the IRS and the DOL on changes made by SECURE 1.0. All tax professionals need to understand the sweeping changes made by this legislation, who it affects, the varying effective dates, and how to handle the areas that are unclear.

Listen as our panel of retirement plan experts reviews SECURE 2.0 provisions, including who is affected, when each provision is effective, and areas where additional guidance is needed.

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Outline

  1. SECURE 2.0: introduction
  2. Defined contribution plan employer contribution credits
  3. Provisions beginning in 2023
  4. Provisions beginning in 2024
  5. Provisions beginning in 2025
  6. Changes made to SECURE 1.0

Benefits

The panel will cover these and other critical issues:

  • New retirement plan set-up credits
  • Mandatory coverage for long-term part-time workers
  • Proposed changes to SECURE 2.0 and areas where guidance is needed
  • New exceptions to the 10 percent penalty for early withdrawal
  • RMD changes and the reduction of the RMD excise tax

Faculty

Tipper, Christopher
Christopher W. Tipper
Founder and CEO
Hunter Benefits Consulting Group

Mr. Tipper began his career in retirement benefits in 1990, founding Hunter Benefits in 1999 and quickly rising to...  |  Read More

Wiczynski, Jennifer
Jennifer Wiczynski
Owner/Attorney
Kismet Benefits Counselor

Ms. Wiczynski, Esq. is the owner and operator of KISMET Benefits Counselor, LLC. With almost 20 years of experience in...  |  Read More

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