President Biden recently signed the SECURE 2.0 Act as part of the Consolidated Appropriations Act of 2023. This new legislation will greatly impact employee retirement plans 401(k), 403(b), IRA and Roth accounts.

Below are some of the highlights:

  • RMD Changes: Perhaps one of the most talked about provisions increases the age for required minimum distributions (RMDs) from retirement plans from 72 to 73 for those born between 1951 and 1959. In 2033, the age will be pushed up to 75.
  • Reduced RMD Amount: The excise tax for missing all or part of a Required Minimum Distribution (RMD) decreased by half—from 50 percent to 25 percent in 2023. There is an additional reduction to 10 percent if the past due RMD is corrected within two years.
  • Matching for Roth Accounts: Employers will be able to provide vested matching contributions to Roth accounts on an after-tax basis.
  • RMD Exemption for Roths: Roth accounts in employer retirement plans are exempt from RMD requirements beginning in 2024.
  • 401(k) and 403(b) Automatic Enrollment: Starting in 2025, employers must automatically enroll all eligible employees in a retirement plan.
  • Higher Catch-Up Contributions: In 2025, individuals age 60 to 63 can make “catch-up” contributions of up to $10,000 per year to an employer plan. (The current “catch-up” amount is $7,500 per year.)
  • Qualified Charitable Distributions (QCDs): This year as part of their QCD limit, people age 70½ and older may choose a one-time gift up to $50K (indexed for inflation) to a charitable remainder unitrust (CRUT), a charitable remainder annuity trust (CRAT) or a charitable gift annuity (CGA), and the distribution counts towards the RMD for such year.
  • Qualified Birth or Adoptions Distributions: Previously, the SECURE Act allowed distributions from retirement plans without the 10 percent early tax withdrawal penalty for certain birth or adoption expenses. Distributions could be repaid to the plan anytime. However, SECURE 2.0 restricts the recontribution period to three years.

Whether preparing for 2023 or looking to the years ahead, the SECURE 2.0 Act has a significant impact for employer-provided retirement plans. For more information or questions about SECURE 2.0, contact one of Buckley Fine’s attorneys at 847-381-0011 or email us at

Buckley Fine Expands Estate Planning Team

We are excited to welcome our new associate, Oana Militaru.

Oana L. Militaru

Oana concentrates her practice on estate planning and administration, including asset protection and special needs planning. She represents fiduciaries, businesses, families and individuals in trust and estate matters and has extensive experience in all areas of probate practice.

Meet Oana