SECURE Act Regulations & SECURE 2.0 Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 substantially changed estate planning and administration for individual retirement accounts (IRAs). Eliminating the “stretch” in favor of the new ten-year rule initially seemed a simplification. However, in practice, this is far from the case. Most of the pre-SECURE complications remain, and the Act introduced new rules to plan for and navigate. Moreover, over two years passed between the 2020 statutory effective date and the publication of the proposed regulations in early 2022. Compliance with the new rules has been difficult, if not impossible, for many recent deaths. However, the final regulations should provide relief and certainty. The SECURE 2.0 Act, passed as part of the omnibus spending bill signed by President Biden on December 29, 2022, increased the age for the required beginning date (RBD) for required minimum distributions from 72 to 73 starting on January 1, 2023, for individuals who reach age