We are aware of an issue in the Microsoft environment impacting some of its services, including Outlook email. Marsh stands ready to help its clients with their risk, strategy, people and investment needs. Please contact your client representative directly via phone or text if you need anything. If you do not have their contact information or you have not received a reply from their email to any inquiries, please use our contact form.
SECURE 2.0: Tax credit and penalty provisions
The SECURE 2.0 Act of 2022 (Div. T of Pub. L. No. 117-328) is intended to build on changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (Div. O of Pub. L. No. 116-94).
-
Provisions:
- Reduction in excise tax for RMD failures (Sec. 302)
- Small employer startup credit (Sec. 102)
- Application of startup credit for MEPs (Sec. 111)
- Tax credit for military spouses (Sec. 112)
-
IRA-specific provisions
- Index IRA catch-up limits (Sec. 108)
- Changes for qualified charitable distributions (QCDs) from IRAs (Sec. 307)
- Statute of limitations for excise tax on excess IRA contributions and missed RMDs (Sec. 313)
- Clarification for excise tax on IRA prohibited transactions (Sec. 322)
- No excise tax on corrective distributions and earnings from IRAs (Sec. 333)