New Retirement Rule Changes
At the end of December, President Biden signed a $1.7 trillion spending bill into law. Included in the bill were some significant changes to the retirement system in the US that are known as the SECURE 2.0 Act of 2022.
Here are a few of the biggest changes included in the bill:
- employers would be required to automatically enroll employees at a 3% rate
- the required minimum distribution age increases to 73 in 2023, and goes up to age 75 by 2033
- establishing an enhanced catch-up contribution for people between the ages of 60 and 62.
Our colleague Steve Villecco wrote a great article you can find here that highlights these changes.
Andy is a CPA and trusted advisor with 15 years of experience providing tax, accounting, assurance, and consulting services to transportation industry owners and operators. He is a tax principal with CLA in the Minneapolis, MN office. He also consults with high net worth individuals and owners of closely-held transportation businesses on all aspects of tax planning, estate planning, and retirement planning. Andy is also the tax leader for transportation industry across CLA.
Comments are closed.