Surgent's Update on the SECURE 2.0 Act

Overview

This course provides a comprehensive analysis of the SECURE 2.0 Act, which is part of a much larger legislative package entitled the Consolidated Appropriations Act, 2023. The principal focus of the Act is to expand retirement coverage and increase retirement savings. As such, the Act has many important changes relating to IRAs and qualified plans. This long-awaited new legislation alters the landscape of retirement planning for taxpayers of all ages, and there are changes taking immediate effect in January 2023. Make sure you are up-to-date with the latest information available in order to effectively advise your clients on these important changes. In addition, this guidance will be of particular relevance to practitioners' own retirement planning.

Prerequisites

None

Objectives

• Understand the latest nuts and bolts rules on retirement for yourself and your accounting and finance clients
• Competently discuss the current state of retirement planning with your accounting and finance clients

Highlights

• Automatic enrollment requirements for 401(k) plans
• Change in the credit for small employer pension plan startup costs
• $2,000 saver’s match
• Changes in pooled employer plans
• Multiple employer 403(b) plans
• Increase in age for required beginning date for mandatory distributions
• Indexing IRA catch-up limit
• Higher catch-up limit to apply at age 60, 61, 62, and 63
• Treatment of student loan payments as elective deferrals for purposes of matching contributions
• Application of credit for small employer pension startup costs to employers who join an existing plan
• Small immediate financial incentives for contributing to a plan
• Withdrawals for certain emergency expenses
• Starter 401(k) plans for employers with no retirement plans
• Improving coverage for part-time workers
• Recovery of retirement plan overpayments
• Tax treatment of IRAs involved in a prohibited transaction
• Clarification of substantially equal periodic payment rule