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The SECURE Act changed the most popular retirement plans used in the United States and was the first major retirement-related legislation enacted since the 2006 Pension Protection Act.  Major elements of the bill include: raising the minimum age for required minimum distributions from 70.5 years of age to 72 years of age; allowing workers to contribute to traditional IRAs after turning 70.5 years of age; allowing individuals to use 529 plan money to repay student loans; eliminating the so-called stretch IRA by requiring non-spouse beneficiaries of inherited IRAs to withdraw and pay taxes on all distributions from inherited accounts within 10 years; and making it easier for 401(k) plan administrators to offer annuities.

Relief for Financial Institutions that Incorrectly Report IRA Required Minimum Distributions

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), among other items, changed the requirement for minimum distributions from qualified plans and IRAs.

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