IRA/SEP/SIMPLE Key Priorities
Please note: These provisions may be prioritized differently based on your individual business needs.
|
KEY PRIORITIES – APPLICABLE IN 2023 |
Bill Provision Section |
|
Increase in age for required beginning date |
107 |
|
Remove required minimum distribution barriers for life annuities |
201 |
|
Reduction in excise tax for missed RMD |
302 |
|
Modification of required minimum distribution rules for special needs trusts |
337 |
|
One-time election for qualified charitable distribution to split-interest entity: increase in qualified charitable distribution limitation |
307 |
|
Repayment of qualified birth or adoption distributions |
311 |
|
Individual retirement plan statute of limitations for excise tax on excess contributions and certain accumulations |
313 |
|
Elimination of additional tax on corrective distributions of excess contributions |
333 |
|
Tax treatment of IRA involved in a prohibited transaction |
322 |
|
Penalty exception for distributions to individuals with a terminal illness |
326 |
|
Special rules for use of retirement funds in connection with qualified federally declared disasters |
331 |
|
Modification of credit for small employer pension plan startup costs |
102 |
|
Tax treatment of certain nontrade or business SEP contributions |
118 |
|
Allow SIMPLE and SEP Roth IRA contributions |
601 |
"Applicable in 2023" includes those provisions with effective dates stated as plan years beginning after date of enactment or after December 31, 2022; taxable years beginning after date of enactment or after December 31, 2022; or on or after the date of enactment; and any retroactive effective dates.
|
KEY PRIORITIES – APPLICABLE IN 2024 |
Bill Provision Section |
|
Indexing IRA catch-up limit |
108 |
|
Emergency savings withdrawals from plans |
115 |
|
Penalty free withdrawals for individuals in case of domestic abuse |
314 |
|
Clarification of substantially equal periodic payment rule |
323 |
|
529-to-Roth IRA rollovers |
126 |
|
Additional non-elective contributions to SIMPLE plans |
116 |
|
Increase in deferral and catch-up contribution limit for SIMPLE plans |
117 |
|
Replacing SIMPLE retirement accounts with safe harbor 401(k) plans during a year |
332 |
"Applicable in 2024" includes those provisions with effective dates stated as plan years beginning after December 31, 2023, or taxable years beginning after December 31, 2023.
|
KEY PRIORITIES – APPLICABLE IN 2025 AND LATER |
Bill Provision Section |
|
Higher catch-up contribution limit to apply at ages 60 through 63 |
109 |
|
Saver’s match contributions |
103 |
|
Expansion of Employee Plans Compliance Resolution System (EPCRS) |
305 |
|
Treasury guidance on rollovers |
324 |
|
Plan amendments for SECURE 2.0 |
501 |
Applicable in 2025 and later" includes those provisions with effective dates stated as "plan years beginning after December 31, 2024, or taxable years beginning after December 31, 2025.
For a more complete list of SECURE 2.0 provisions, please review the Congressional Summary, released by the Senate Finance Committee on December 19, 2022.
Click here for a printable version.
