The SECURE 2.0 Act marked a significant step toward enabling more small business owners and employees to pursue retirement stability.
Outlined below is the status of our recordkeeping support for some key SECURE 2.0 provisions (sections) for your SIMPLE and SEP IRA workplace retirement plans. For a better understanding of these provisions, refer to SECURE 2.0 Act of 2022 ― A boost to retirement saving (PDF) or speak with your plan’s financial professional.
Recordkeeping status for key SECURE 2.0 Act provisions
Provision |
Effective date |
Recordkeeping status |
|---|---|---|
Relaxed required minimum distribution (RMD) rules Section 107 (mandatory) |
Effective for RMDs required to be made after 2022 for individuals who turn age 73 after December 31, 2022 |
Ready to support |
Roth SIMPLE IRA ― Employee deferrals Section 601 (optional) |
Taxable years beginning after December 31, 2022 |
Ready to support new SIMPLE IRA Plus plans. Coming 1/1/25 for new SIMPLE IRA plans. Existing SIMPLE IRA plans need to amend the plan to offer Roth employee deferrals starting 1/1/25. In progress for SEP IRAs. We're monitoring demand & evaluating solutions. |
Roth SIMPLE IRA ― Employer contributions Section 601 (optional) |
Taxable years beginning after December 31, 2022 |
In progress We’re evaluating solutions based on IRS guidance. |
SIMPLE IRA contribution limit changes Section 117 (mandatory) |
Taxable years beginning after December 31, 2023 |
Ready to support |
SIMPLE IRA nonelective employer contributions Section 116 (optional) |
Taxable years beginning after December 31, 2023 |
Ready to support |
Higher catch-up contribution limit for ages Section 109 (optional) |
Taxable years beginning after December 31, 2024 |
Ready to support |