Secure act 2.0 Other Changes (passed by house, not Senate or the “Prez”)

Secure act 2.0 Other Changes include the following

• Increasing the required first-year required minimum distribution (RMD) age over time from age 72 to age 75.
• Indexing $1,000 IRA catch up contributions for inflation.
• Increasing the limit on catch-up contributions to 401(k) and other plans for individuals who have attained age 62, 63, or 64.
• Allowing matching contributions on student loan payments.
• Eliminating the requirement that premiums for QLACs be limited to 25% of an individual’s account balance.
• Reducing the penalty for failure to take RMDs from 50% of the shortfall to 25%.
• Expanding the IRS self-correction program (EPCRS) to include IRAs.
• Indexing the $100,000 QCD limit for inflation and allowing a once-in-a-lifetime QCD to a split-interest entity such as a charitable remainder unitrust.
• Expanding the age 50 exception to the 10% early distribution penalty to private-sector firefighters.
• Changing the rules for when the statute of limitations begins for the excise tax on excess IRA contributions.
• Limiting the repayment of qualified birth or adoption distributions to three years.
• Allowing penalty-free withdrawals from IRAs and retirement plans for individuals in cases of domestic abuse.
• Limiting the loss of tax-deferred treatment to the portion of an IRA to involved in a prohibited transaction.