On April 16, 2024, IRS released Notice 2024-35 extending temporary relief for certain required minimum distributions (“RMD”) related to the SECURE Act’s 10-year distribution rule through 2024. This notice follows similar relief provided by the IRS in Notice 2022-53 and Notice 2023-54 for earlier periods.
Background
For distributions before January 1, 2020, the Internal Revenue
As previously discussed, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here). After a closer read, several
The wait is over for SECURE 2.0, a long-awaited (and debated) package of retirement plan reforms. Today, Congress passed the “SECURE 2.0 Act of 2022” as part of the 2023 Consolidated Appropriations Act; President Biden is expected to sign the bill into law soon. The bill text may be viewed here, and the Senate
On September 26, 2022, the IRS released IRS Notice 2022-45, which corrected a potential oversight in IRS Notice 2022-33, discussed in detail here. Notice 2022-33 had extended the deadline to adopt certain retirement and savings plan amendments required by the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act