The Securing and Strong Retirement Act of 2020 (SSRA) has been re-introduced in Congress, increasing the minimum required distribution age from 72 to 75. The SSRA builds on the SECURE Act of 2019, which increased the minimum required distribution age from 70 ½ to 72. There is also inclusion of a provision to increase catch up provisions to those over age 60 by $10,000/year. The reintroduction of the SSRA is seen as especially timely given the negative consequences of COVID on Americans’ retirement savings.
www.plansponsor.com; January 22, 2021.