The SECURE ACT of 2022
Table of Contents
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The SECURE Act of 2022 - Apply to Insurance Producers |
1 |
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SECURE 2.0 Act of 2022 |
6 |
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Public Law 116-124 |
6 |
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H.R. 1994 AN ACT |
8 |
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SEC 1 Short Title, Etc. |
8 |
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Title I: Expanding Coverage and Increasing Retirement Savings |
8 |
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SEC 101 Expanding automatic enrollment in retirement plans |
9 |
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SEC 102 Increase In 10% Cap |
15 |
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SEC 103 Rules Relating to Election |
15 |
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SEC 104 Increase in Credit Limitation |
17 |
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SEC 105 Small Employer Auto Enroll Credit |
18 |
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SEC 45T Auto-Enroll Option |
18 |
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SEC 106 Multiple employer 403(b) plans |
19 |
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SEC 107 Repeal of Maximum Age for IRA |
19 |
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SEC 108 Indexing IRA catch-up limit |
20 |
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SEC 109 Higher catch-up limit to apply |
20 |
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SEC 110 Treatment of student loan payments as elective deferrals for purposes of matching contributions |
21 |
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SEC 111 Application of credit for small employer pension plan startup costs to employers which join an existing plan |
21 |
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SEC 112 Qualified Cash or Deferred |
21 |
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SEC 113 Penalty-Free Withdrawals |
24 |
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SEC 114 Deferral of tax for certain sales of employer stock to employee stock ownership plan sponsored by S Corporation |
27 |
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SEC 115 Withdrawals for certain emergency expenses |
27 |
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SEC 116 Allow additional nonelective contributions to SIMPLE plans |
27 |
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SEC 117 Contribution limit for SIMPLE plans |
28 |
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SEC 118 Tax Treatment of nontrade or business SEP contributions |
28 |
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SEC 119 Application of section 415 limit for certain employees of rural electric cooperatives |
28 |
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SEC 120 Exemption for certain automatic portability transactions |
28 |
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SEC 121 Starter 401(k) plans for employers with no retirement plan |
29 |
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SEC 122 Assist States in locating owners of applicable savings bonds |
29 |
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SEC 123 Certain securities treated as publicly traded in case of employee stock ownership plans |
29 |
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SEC 124 Modification of age requirement for qualifies ABLE programs |
30 |
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SEC 125 Improving coverage for part-time workers |
30 |
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SEC 126 Special rules for certain distributions from long-term qualifies tuition programs to Roth IRAs |
30 |
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SEC 127 Emergency savings accounts linked to individual account plans |
31 |
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SEC 128 Enhancement of 403(b) plans |
32 |
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Title II: Preservation of Income |
32 |
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SEC 201 Remove required minimum distribution barriers of life annuities |
32 |
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SEC 202 Qualifying longevity annuity contracts |
33 |
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SEC 203 Insurance-dedicated exchange-traded funds |
33 |
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SEC 204 Eliminating a penalty on partial annuitization |
34 |
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Title III: Simplification and Clarification of Retirement Plan Rules |
34 |
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SEC 301 Recovery of retirement plan overpayments |
34 |
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SEC 302 Reduction in excise tax on certain accumulations in qualified retirement plans |
34 |
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SEC 303 Retirement savings lost and found |
35 |
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SEC 304 Updating dollar limit for mandatory distributions |
35 |
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SEC 305 Expansion of Employee Plans Compliance Resolution System |
35 |
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SEC 306 Eliminates the “first day of the month” requirement for governmental section 457(b) plans |
36 |
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SEC 307 One-time election for qualified charitable distribution to split-interest entity; increase in qualified charitable distribution limitation |
36 |
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SEC 308 Distribution to firefighters |
36 |
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SEC 309 Exclusion of certain disability-related first responder treatment payments |
36 |
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SEC 310 Application of top-heavy rules to defined contribution plans covering excludable employees |
37 |
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SEC 311 Repayment of qualified birth or adoption distribution limited to Three years |
37 |
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SEC 312 Employer may rely on employee certifying that deemed hardship distribution conditions are met |
38 |
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SEC 313 Individual retirement plan statute of limitations for excise tax on excess contributions and certain accumulations |
38 |
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SEC 314 Penalty-free withdrawal from retirement plans for individual case of domestic abuse |
38 |
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SEC 315 Reform of family attribution rule |
39 |
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SEC 316 Amendments to increase benefit accruals under plan for previous plan year allowed until employer tax return due date |
39 |
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SEC 317 Retroactive first year elective deferrals for sole proprietors |
39 |
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SEC 318 Performance benchmarks for asset allocation funds |
39 |
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SEC 319 Review, and report to Congress relating to reporting and disclosure requirements |
40 |
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SEC 320 Eliminating unnecessary plan requirements related to unenrolled participants |
40 |
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SEC 321 Review of pension risk transfer interpretive bulletin |
41 |
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SEC 322 Tax treatment of IRA involved in a prohibited transaction |
41 |
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SEC 323 Clarification of substantially equal periodic payment rule |
41 |
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SEC 324 Treasury guidance on rollovers |
41 |
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SEC 325 Roth plan distribution rules |
41 |
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SEC 326 Exception to penalty on early distributions from qualified plans for individuals with a terminal illness |
42 |
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SEC 327 Surviving spouse election to be treated as employee |
42 |
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SEC 328 Repeal of direct payment requirement on exclusion from gross income of distributions from governmental plans for health and long-term care insurance |
42 |
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SEC 329 Modification of eligible age for exemption from early withdrawal penalty |
42 |
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SEC 330 Exemption from early withdrawal penalty for certain state and local government corrections employees |
42 |
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SEC 331 Special rules for use of retirement funds in connection with qualified federally declared disasters |
43 |
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SEC 332 Employers allowed to replace SIMPLE retirement accounts with safe harbor 401(k) plans during a year |
43 |
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SEC 333 Elimination of additional tax on corrective distributions of excess contributions |
43 |
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SEC334 Long-term Care contracts purchased with retirement plan distributions |
43 |
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SEC 335 Corrections of mortality tables |
44 |
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SEC 336 Report to Congress on section 402(f) notices |
44 |
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SEC 337 Modification of required minimum distribution rules for special needs trust |
44 |
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SEC 338 Requirement to provide paper statements in certain cases |
44 |
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SEC 339 Recognition of tribal government domestic relations orders |
45 |
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SEC 340 Defined contribution plan fee disclosure improvements |
45 |
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SEC 341 Consolidation of defined contribution plan notices |
45 |
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SEC 342 Information needed for Financial Options Risk Mitigation Act |
45 |
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SEC 343 Defined benefit annual funding notices |
45 |
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SEC 344 Report on pooled employer plans |
46 |
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SEC 345 Annual audits for group of plans |
46 |
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SEC 346 Worker Ownership, Readiness, and Knowledge (WORK) act |
46 |
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SEC 347 Report by the Secretary of Labor on the impact of inflation on retirement savings |
46 |
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SEC 348 Cash balance |
46 |
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SEC 349 Termination of variable rate premium indexing |
47 |
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SEC 350 Safe harbor for corrections of employee elective deferral failures |
47 |
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Title IV: Technical Amendments |
47 |
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Title V: Administrative Provisions |
47 |
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Title VI: Revenue Provisions |
48 |
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SEC 601 SIMPLE and SEP Roth IRAs |
48 |
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SEC 602 Hardship withdrawal rules for 403(b) plans |
48 |
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SEC 603 Elective deferrals generally limited to regular contribution limit |
48 |
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SEC 604 Optional treatment of employer matching or nonelective contributions as Roth contributions |
48 |
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SEC 605 Charitable conservation easements |
49 |
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SEC 606 Enhancing retiree health benefits in pension plans |
49 |
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Title VII Tax Court Retirement Provisions |
49 |
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SEC 701 Provisions relating to judges of the Tax Course |
49 |
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SEC 702 Provisions relating to special trial judges of the Tax Course |
50 |
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Editor’s Observations |
50 |
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United Insurance Educators, Inc.
PO Box 1030
Eatonville, WA 98328
(253) 846-1155