Martha J. Mohs, of Reinhart Boerner Van Deuren s.c., has published an article that discusses the proposed IRS regulations regarding the SECURE Act. Her article, titled “IRS Provides Additional Clarity on RMD Calculations”, begins as follows:
On February 24, 2022, the Internal Revenue Service (IRS) published proposed regulations addressing the calculation and payment of required minimum distributions under qualified retirement plans (the Proposed Regulations). The Proposed Regulations are generally designed to address the changes to a participant’s required beginning date and payment of death benefits enacted under the SECURE Act.
Applicable to all plan sponsors, the Proposed Regulations update existing regulations to account for the increase in a participant’s required beginning date to age 72. Additionally, the Proposed Regulations confirm that non-governmental and church plan sponsors must provide actuarial benefit increases beginning at age 70-1/2 regardless of the plan’s definition of required beginning date.
For defined contribution plan sponsors, the Proposed Regulations also provide needed clarifications on the calculation of death benefits.
To see the full article, click: “IRS Provides Additional Clarity on RMD Calculations”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.