Find answers to trending questions and answers about the Secure 2.0 Act of 2022, including required minimum distributions (RMDs), Roth catch-up contributions, hardship self-certification and more.
- Defined contribution (SIMPLE plans exempted), 403(b)
- For plans with a non-calendar plan year, you need to track this compensation by calendar year, not plan year.
- Further guidance and clarification from the IRS and Treasury on several functional details are still needed.
- 401(k), 403(b), Governmental 457(b) plans
- Only applies to vested employees.
- Error in the language of the statute would inadvertently collect FICA taxes from contributions. A regulatory or legislative fix is needed prior to adoption.
The summary substantiation method offers retirement plan sponsors more control over the hardship application process where the participant self-certification method of the SECURE 2.0 Act allows participants more latitude to certify their need.
- Defined contribution, 403(b), Governmental 457(b) plans, IRAs (QDRD ONLY)
- Up to $22,000 may be withdrawn without the 10% early distribution penalty from an employer retirement plan or IRA for individuals affected by a qualified federal disaster.
- Distributed amounts may be treated as gross income over three years.