Author: N C, 2021-07-01

Secure Act 2.0 Need to Know

Secure Act 2.0 passed May 5 here’s what you need to know: Secure Act 2.0 includes:

A new required mininum distribution age of 75

Automatic employee enrollments

Increased tax incentives to employers with reitrment plans

401k to annuity conversion expansion

But that’s not all there is in the massive bill.

According to Think Advisor, “Aliya Robinson, senior vice president of Retirement and Compensation Policy at the ERISA Industry Committee, or ERIC, in Washington, told ThinkAdvisor Thursday in an email that positive aspects of Secure Act 2.0 are the “matching contributions for student loan payments, expanding the self-corrections process, consolidating notice requirements, increasing the required minimum distribution (RMD) age [to 75], increasing catch-up limits in plans, clarifying the recovery process for retirement plan overpayments, and creating a pension registry.”