most inherited retirement plans, effective January 1, 2020. However, not all inherited retirement plans are changed by that date. If plan in question is a government retirement plan, such as a 457 or 403(b) plan, the implementation date is January 1, 2022. There are a few other cases when 2022 is the implementation date as well. Specifically, the 10-year distribution rule goes into effect in January 2022 for the following two situations:The SECURE Act made sweeping changes to the rules for
- Plans maintained pursuant to a collective bargaining agreement (unless the collectively bargained agreement terminates sooner).
- Governmental plans, such as 403(b) and 457 plans sponsored by state and local governments, and the Thrift Savings Plan (TSP) sponsored by the Federal government. Not surprising, this includes the TSP that congress-people are participants in.
- Spouse beneficiaries
- Minor child (of the original owner) beneficiaries
- Disabled beneficiaries
- Chronically Ill beneficiary
- Beneficiary who is not more than 10 years younger than the original owner