SECURE Act Change

Feb 26, 2020, 13:30 PM

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect on January 1, 2020, made an important change to the Internal Revenue Service (IRS) Required Minimum Distribution (RMD) rule. The age at which you must start taking RMDs from a retirement account has changed from 70½ to 72. This applies to people who reach age 70½ after December 31, 2019. To further clarify, if you reached age 70½ prior to December 31, 2019, you must take your first RMD by April 1, 2020. If you reach age 70½ on or after January 1, 2020, you must take your first RMD by April 1 of the year after you reach age 72.

Who does this affect?

You must begin taking required minimum distributions at age 72 according to IRS rules:

IF you are a:
  • MOSERS retired or “separated from service” member or
  • A surviving spouse of a member
AND:
  • You maintain a retirement savings account with MO Deferred Comp or
  • You will receive or have already rolled over a lump-sum payment (such as from BackDROP or a refund of employee contributions) to a qualified retirement plan
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