Overview of the SECURE Act 2.0
Author: Klaralee R. Charlton
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Congress seemingly can't stop tinkering with the rules governing retirement plans in an effort to further encourage taxpayers to save for retirement and incentivize employers to offer savings opportunities to employees. The Securing a Strong Retirement Act dubbed the “Secure Act 2.0 recently passed Congress as part of the year-end omnibus spending bill. This course will focus on the main points of the Act affecting retirement plans for small businesses and taxpayer's future withdrawal requirements from their retirement plans. This course will provide a history of this legislation, a summary of its main provisions, and planning ideas for clients affected by the Act.
Publication Date: January 2023
Topics Covered
- Legislative History
- Required Beginning Date Changes
- Expanded Catch Up Contributions
- Automatic Enrollment and Escalation Rules for all Employer Plans
- Student Loan & ROTH Matching Contributions
- Expansion of Options for Part-Time Employees
- Changes for Retirement Plan Beneficiaries
- Planning Ideas for Clients
Learning Objectives
- Describe how the Secure Act and Secure Act 2.0 passed congress and their primary provisions
- Explain the new increased catch-up contribution rules
- Identify the potential tax impacts related to IRA withdrawals by participants and beneficiaries under the legislation
- Recognize how to recommend tax planning to clients and beneficiaries affected by the Secure Act and Secure Act 2.0
- Identify the changes affecting employer sponsored plans including automatic enrollment requirements and student loan repayment matching options
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
