The passage of SECURE Act and SECURE 2.0 Act brought significant changes that will soon impact retirement accounts, beginning on January 1, 2025, due to recently published final regulations. The IRS has recently finalized rules for withdrawing funds from retirement accounts. Beginning in 2022 to 2032, the age by which employees must begin to claim benefits increases from 70½ to 75 on a sliding scale. The new rules also require that certain beneficiaries of inherited IRAs empty the accounts within 10 years of the original owner’s death. The retirement account changes implemented by the new IRS regulations also include those that allow individuals to claim additional benefits, and those that limit the benefits that can be claimed by noneligible designated beneficiaries (such as adult children of the decedent or most unrelated individuals). The new rules address further changes to retirement account rules, such as a new penalty limitation and statute of limitations for missed RMDs.
Join us for this informative session as speakers Mina Capouet, JD, LLM, and Anand Daga share key legislative insights and also demonstrate how AI could help in researching this topic specifically and any legal issue in general. During the session, Mina will explore the impact of the final regulations on retirement plan participants, IRA owners, and beneficiaries and when they can expect these changes to come into effect. Anand will demonstrate how you can use VitalLaw® AI to streamline the research process.
What we will cover:
- Final 10-year rule for required minimum distributions from IRAs
- Increased required beginning date age for taking RMDs
- Additional RMD rule changes impacting 401(k)s and various other retirement plans
- How to use AI to enhance legal research
