Credit: Pcess609/Adobe Stock Key Changes From SECURE Act 2.0
The article provides a year-by-year overview of key provisions that may affect you, your family members, and your practice.
January 27, 2023 at 11:00 AM
8 minute read
In 2019, the SECURE Act introduced a number of changes to rules for retirement plans and IRAs. Now SECURE Act 2.0, which was included in the Consolidated Appropriations Act, 2023, has more than 90 provisions impacting retirement plans and IRAs. These changes include something for everyone … low- and modest-income individuals, wealthy people, small businesses, and others. It became law on Dec. 29, 2022, but many of the provisions do not come into effect until 2024 or even much later. The following is a year-by-year overview of key provisions that may affect you, your family members, and your practice. Because some effective dates are expressed in terms of taxable years or plan years, for simplicity here it is assumed that taxpayers and qualified retirement plans are on a calendar year.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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