Search Results for keywords:"SECURE 2.0 Act of 2022"

The Bureau of the Fiscal Service, part of the U.S. Department of the Treasury, is implementing new regulations under the SECURE 2.0 Act of 2022. These regulations require the Treasury to provide states with information about unredeemed U.S. savings bonds to help locate their owners. However, the information can only be used for locating bond owners, not for claiming ownership through state escheatment laws, which attempt to take control of unclaimed property. The regulations also include privacy protections and prevent states from publicly sharing the information without Treasury's consent to avoid fraud and misuse.

The Treasury Department and the Internal Revenue Service (IRS) have proposed a new rule affecting retirement plans for people aged 50 and over who want to make additional contributions, known as "catch-up contributions." The changes come from the SECURE 2.0 Act of 2022, and these new rules require some of those contributions to be made as "Roth" contributions if the participant earns a certain amount. The proposal includes details on what plans must follow, deadlines, and information about a public hearing where people can discuss these changes. Comments from the public are encouraged and can be submitted until March 14, 2025.