Groom’s exhaustive chart comparison, published December 29, 2022 just as SECURE 2.0 was passed by the Senate, that outlined changes brought about from SECURE 2.0 was used by PLANADVISER in their article, “SECURE 2.0 Provisions Advisers Need to Know in 2024,” to highlight SECURE 2.0 changes for 2024.

As noted by PLANADVISER, updates to the following provisions will go into effect after December 31, 2023:  

Sec. 108. Indexing IRA catch-up limit

Sec. 110. Student loan payments as elective deferrals for purposes of matching contributions

Sec. 115. Withdrawals for emergency expenses

Sec. 117. Contribution limit for SIMPLE IRAs

Sec. 121. Starter 401(k) plans for employers with no retirement plan

Sec. 126. Special rules for certain distributions from long-term qualified tuition programs to Roth IRAs

Sec. 127. Emergency savings accounts linked to individual account plans

Sec. 304. Updating dollar limit for mandatory distributions

Sec. 310. Application of top-heavy rules to defined contribution plans covering excludable employees

Sec. 314. Penalty-free withdrawal from retirement plans for individual in case of domestic abuse 

Sec. 315. Reform of family attribution rule

Sec. 316. Amendments to increase benefit accruals under plan for previous plan year allowed until employer tax return due date.

Sec. 325. Roth plan distribution rules

Sec. 327. Surviving spouse election to be treated as employee

Sec. 332. Employers allowed to replace SIMPLE retirement accounts with safe harbor 401(k) plans during a year

Sec. 335. Corrections of mortality tables

Sec. 343. Defined benefit annual funding notices

Sec. 350. Safe harbor for correction of employee elective deferral failures

Sec. 602. Hardship withdrawal rules for 403(b) plans

Sec. 603. Elective deferrals generally limited to regular contribution limit

To read the article, click here.