Groom’s exhaustive chart comparison, published December 29, 2022 just as SECURE 2.0 was passed by the Senate, that outlined changes brought about from SECURE 2.0 was used by PLANADVISER in their article, “SECURE 2.0 Provisions Advisers Need to Know in 2024,” to highlight SECURE 2.0 changes for 2024.
As noted by PLANADVISER, updates to the following provisions will go into effect after December 31, 2023:
Sec. 108. Indexing IRA catch-up limit
Sec. 110. Student loan payments as elective deferrals for purposes of matching contributions
Sec. 115. Withdrawals for emergency expenses
Sec. 117. Contribution limit for SIMPLE IRAs
Sec. 121. Starter 401(k) plans for employers with no retirement plan
Sec. 126. Special rules for certain distributions from long-term qualified tuition programs to Roth IRAs
Sec. 127. Emergency savings accounts linked to individual account plans
Sec. 304. Updating dollar limit for mandatory distributions
Sec. 310. Application of top-heavy rules to defined contribution plans covering excludable employees
Sec. 314. Penalty-free withdrawal from retirement plans for individual in case of domestic abuse
Sec. 315. Reform of family attribution rule
Sec. 316. Amendments to increase benefit accruals under plan for previous plan year allowed until employer tax return due date.
Sec. 325. Roth plan distribution rules
Sec. 327. Surviving spouse election to be treated as employee
Sec. 332. Employers allowed to replace SIMPLE retirement accounts with safe harbor 401(k) plans during a year
Sec. 335. Corrections of mortality tables
Sec. 343. Defined benefit annual funding notices
Sec. 350. Safe harbor for correction of employee elective deferral failures
Sec. 602. Hardship withdrawal rules for 403(b) plans
Sec. 603. Elective deferrals generally limited to regular contribution limit
To read the article, click here.
