The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs and designated Roth accounts. The Act addresses desirable outcomes, including:
- Creating improved retirement security;
- Ensuring retirement income preservation;
- Simplifying retirement plan rules; and
- Enhancing federal revenue.
This course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.
Course Publication Date:
October 18, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$40.00!
| Author: | Paul Winn |
| Course No: | TAX-SECURE-2104-M |
| Recommended CPE: | 4.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Basic |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Recognize the changes made by the Act affecting tax credits for small employer plan startup costs.
- Identify the tax credits available to small employers with respect to accelerated inclusion or military spouses in qualified plans.
- Describe the change in age at which required minimum distributions must begin.
- Explain the rules concerning the availability of simplified employee pensions for domestic employees.
- Recognize the rules applicable to IRA catch-up limits.
- Describe the role of an employee’s student loan payments in his or her employer-sponsored qualified retirement plan.
- Identify the rules concerning emergency expense withdrawals from qualified retirement plans.
- List the changes affecting SIMPLE plans.
- Explain the rules governing eligibility for “starter 401(k) plans”.
- Discuss the expanded §529 rollover rules.
- Recognize the requirements relating to the automatic enrollment of employees in employer-sponsored retirement plans.
- Describe the special qualified plan catch-up limits applicable to participants aged 60 through 63.
- Identify the rule changes affecting part-time employees’ participation in 401(k) and 403(b) plans.
- Describe the replacement of the Saver’s Credit by the Saver’s Match.
- Recognize the RMD rules change effective for years 2033 and later.
- List the benefits that may be provided under a commercial annuity in an eligible retirement plan as a result of the passage of the SECURE Act 2.0.
- Identify the benefits available and limits associated with qualifying longevity annuity contracts (QLACs).
- Describe the benefit to plan participants of the removal of the penalty on partial annuitization of commercial annuity contracts in eligible retirement plans.
- Recognize the advantages of the availability of exchange-traded funds (ETFs) to which variable contract premiums may be allocated.
- Identify the treatment of individual retirement plans engaging in prohibited transactions.
- Describe the penalty for a taxpayer’s failure to take a required minimum distribution from a traditional IRA or qualified plan.
- Explain the rules applicable to IRA qualified charitable distributions.
- Recognize the tax treatment of retirement plans of individuals affected by federally-declared disasters.
- Describe the RMD rules applicable to special needs trusts.
- List the changes to the family attribution rules.
- Describe the conditions under which a qualified plan sponsor may make amendments after the end of the plan year.
- Identify the type of retirement plan to which a SIMPLE may be replaced.
- Calculate the maximum domestic abuse distribution that may be made from a retirement plan.
- Recognize the changes made to Roth designated account required minimum distributions.
- Describe the potential advantages to a surviving spouse of electing to be treated as the plan participant.
- List the changes to regulations affecting hardship distributions from 403(b) tax sheltered annuity plans.
- Calculate the maximum available retirement plan distribution to pay long-term care insurance premiums.
- Identify the tax-free portion of disabled first responders’ retirement payments.
- Describe the authorized allocation of SIMPLE IRA and SEP contributions to designated Roth accounts.
- Recognize rules authorizing allocation of employer matching and nonelective contributions to designated Roth contributions.
- Explain the tax treatment and forfeitable status of employer contributions to designated Roth accounts.
- Recognize the limitation imposed on the charitable deduction of conservation easements available to pass-through entities.
- Describe the criteria that must be met for a defined benefit pension plan’s payment of retiree health and life insurance premiums.