SECURE 2.0 Act: What’s Coming in 2024 | What You Need to Know
The SECURE 2.0 Act features more than 90 provisions, some of which are required, and some optional. Mutual of America Financial Group’s Earl Jones, Vice President, National Accounts, and Nick Curabba, Senior Vice President and Associate General Counsel, discuss provisions effective in 2024 that will or may impact how employers and plan sponsors run their retirement plans now and in the future. The provisions covered focus on required minimum distributions (RMDs), long-term part-time (LTPT) workers, Roth catch-ups and IRAs, among others. 0:00: Introduction and Background on SECURE 2.0 Act 6:40: Roth Catch-Ups Update 14:10: Mandatory Provisions: Long-Term Part-Time Workers 23:10: Mandatory Provisions: Required Minimum Distribution Changes 27:31: Mandatory Provisions: Limit Increases for SIIMPLE IRAs 31:30: Mandatory Provisions: Limit Increases for IRAs and Substantially Equal Period Payments 34:47: Optional Provisions: Student Loan Repayments 38:21: Optional Provisions: Distributions 43:27: Optional Provisions: Cash-outs and SIMPLE IRA About Mutual of America Financial Group: Mutual of America Financial Group is the trade name used by Mutual of America, a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services at a competitive price, along with outstanding personalized service, to help our customers build and preserve assets for a financially secure future. Our mission is built upon our values—integrity, prudence, reliability, excellence and social responsibility—which have guided us since 1945 and continue to serve us and our customers well. Looking to change retirement plan providers or start a retirement plan? https://retirementplans.mutualofameri... Subscribe here: / @mutualofamericafinancialgroup Connect with Mutual of America: • Facebook: / mutualofamerica • LinkedIn: / mutualofamerica • X: @MutualofAmerica / mutualofamerica You should consider the investment objectives, risks, and charges and expenses of the investment funds and, if applicable, the variable annuity contract, carefully before investing. This and other information is contained in the funds’ prospectuses and summary prospectuses and the contract prospectus or brochure, if applicable, which can be obtained by calling 800.468.3785 or visiting mutualofamerica.com. Read them carefully before investing. Securities offered by Mutual of America Securities LLC, Member FINRA/SIPC. Insurance products are issued by Mutual of America Life Insurance Company. #Secure2 #SecureAct #Secure2024 #plansponsors
