SECURE Act
Government & Politics abbreviation · US Law
| Stands for | Setting Every Community Up for Retirement Enhancement Act |
|---|---|
| Categories | Government & Politics |
SECURE Act stands for Setting Every Community Up for Retirement Enhancement Act, a US law abbreviation.
Retirement law of December 2019 that raised the age for required minimum distributions from 70 and a half to 72, removed the age limit on traditional IRA contributions and required most non-spouse heirs to empty inherited retirement accounts within 10 years.
Example: Under the SECURE Act, she must withdraw her father's inherited IRA within ten years.
Usage notes
It was enacted as part of a year-end spending package. SECURE 2.0, passed in December 2022, raised the distribution age to 73, rising to 75 in 2033, required automatic enrollment in many new 401(k) plans and allowed employers to match student loan payments with retirement contributions.
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