The SECURE 2.0 Act of 2022 ("SECURE 2.0"), signed into law by President Biden on December 29, 2022, is another round of retirement reforms that began with the original SECURE Act (i.e., the "Setting Every Community Up for Retirement Enhancement Act") passed in 2019. SECURE 2.0 is memorialized in "Division T" of the Consolidated Appropriations Act of 2023. Some of its provisions are effective now and others do not take effect until future years. In addition, some of its provisions mandate changes to employers' plans while others allow optional changes.

Ten of the most noteworthy changes under SECURE 2.0 include the following:

1. Required minimum distributions ("RMDs").

• The age requirement for RMDs is increased in 2023 from age 72 to age 73, then in 2033 to age 75.
• Pre-death RMDs for Roth contributions from qualified plans are no longer required starting in 2024.
• Starting this year, the penalty for failing to take an RMD will decrease from 50% to 25% of the RMD amount, and to 10% if corrected in a timely manner for IRAs.

2. Catch-Up Limit. The maximum annual amount for catch-up contributions for those age 60 to age 64 is increased in 2025 to the greater of $10,000 annually (adjusted annually) or 50% more than the standard catch-up amount to their defined contribution plan.

3. Rothified Catch-Ups. As a corollary to the increased catch-up contribution limits, starting in 2024 catch-up contributions are to be made in the form of Roth contributions, unless the participant's...

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