As 2022 drew to a close, Congress passed new legislation that is going to impact and entice employers to put in place and/or tweak their current retirement plan.
In the next two episodes of Your Money & A Cup of Joe, we're examining some of the provisions that individuals, employers and company leaders will want to know more about in Secure Act 2.0. And in today's episode, we're focusing particularly on the considerations that impact employees.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:12 - Introducing Josh Sutin of Chamberlain Hrdlicka
2:51 - Why Congress enacted Secure Act 2.0
5:02 - It's important to look consider how employees factor into these changes
7:59 - Raising the age for Required Minimum Distributions and the penalties associated with them
10:59 - What the RMD penalties looked like in the past
12:22 - How Congress addressed the qualified charitable distributions
16:55 - How Secure Act 2.0 is increasing contribution limits to retirement funds
24:30 - Student loans are being impacted by Secure Act 2.0 as well
28:45 - Secure Act 2.0's impact on 529 plans and Roth IRAs
31:37 - Closing remarks
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