Analyzing the New Planning Opportunities in SECURE 2.0 for Retirement Plan Participants

22 Pages Posted: 15 Aug 2024

See all articles by Richard L. Kaplan

Richard L. Kaplan

University of Illinois College of Law

Date Written: May 29, 2024

Abstract

This article examines and analyzes six major changes enacted by the SECURE 2.0 Act of 2022 pertaining to current plan participants in retirement plans. Those changes relate to: (1) increased contribution limits for 60-year-old employees, (2) longevity annuities, (3) charitable gift annuities, (4) long-term care insurance, (5) unused funds in section 529 college savings plans, and (6) emergency withdrawals. These provisions vary considerably in their connection to the principal purpose of employer-provided retirement plans – namely, to finance the retirement of affected employees. But they represent Congressional efforts to address some of the deficiencies in the present tax-subsidized matrix of employer-provided retirement savings plans and may appeal to affected plan participants. In this regard, they continue the pattern of recent years of using pension plans to accommodate an ever-widening array of social initiatives that are related only tangentially, if at all, to providing income when plan participants retire.

Keywords: retirement plans, SECURE 2.0, annuities

Suggested Citation

Kaplan, Richard L., Analyzing the New Planning Opportunities in SECURE 2.0 for Retirement Plan Participants (May 29, 2024). The Elder Law Journal, Vol. 32, No. 1, 2024, University of Illinois College of Law Legal Studies Research Paper No. 24-17, Available at SSRN: https://ssrn.com/abstract=4924711

Richard L. Kaplan (Contact Author)

University of Illinois College of Law ( email )

504 E. Pennsylvania Avenue
Champaign, IL 61820
United States
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