SECURE 2.0 Act: The Changes That May Impact Your Retirement Savings
Q4 2022 hedge fund letters, conferences and more SECURE 2.0 Act: 5 Changes Taking Effect Immediately401(k) hardship withdrawals: Employees can take one penalty-free 401(k) distribution per year of up to $1,000, with the option to repay the distribution within three years. These withdrawals can be used for medical expenses, funeral expenses, or tuition and related educational expenses. However, a withdrawal must be due to an "immediate and heavy financial need,” according to the IRS.Part-time hours: Part-time workers now only need to work between 500 and 999 hours for two consecutive years to b...