IRS' Required Minimum Distribution (RMD)
New Required Minimum Distribution (RMDs) Rules
Under previous law, participants had to begin taking required minimum distributions (RMDs) at age 72. SECURE 2.0, Section 107, increases the required minimum distribution age to 73, beginning on January 1, 2023, and to 75, beginning in 2033. Specifically, the RMD age increased to 73 for individuals turning 72 after Dec. 31, 2022, and before Jan. 1, 2033. It will increase to 75 for individuals turning 74 after Dec. 31, 2032.
Our plan participants must begin to take the IRS required minimum distribution after attaining the applicable age (currently 73) or retiring, whichever is Later.
Once you have started taking RMDs, if you return to work, you must continue taking RMDs.
To request your RMD:
Participants call 833-UUA-2023 (833-882-2023) OR visit: uuaempower.com.
Be sure to authenticate your identity when prompted; Empower can help you to initiate the RMD or establish a recurring RMD.
The annual deadline for taking required minimum distributions is December 31. Participants can delay taking their first RMD until April 1 of the year after they attain the applicable age. Remember that taking both the first and second RMD in the same year could cause one to owe more income tax than if those first two RMDs were taken in separate years.
Note: distributions taken from the plan during a given tax year count toward the IRS' minimum distribution amount required for this plan. Contact Empower with any questions.