In a May 23, 2023 letter to the U.S. Department of the Treasury and the IRS, the chairs and ranking members of the Senate Finance and House Ways and Means committees announced they will introduce technical corrections to SECURE 2.0 to ensure its provisions are carried out as Congress intended.[1]
In the letter, Senate Finance Committee Chair Ron Wyden (D-OR) and ranking member Mike Crapo (R-ID), along with House Ways and Means Committee Chair Jason Smith (R-MO) and ranking member Richard Neal (D-MA), clarified legislative intent relating to the following four provisions in SECURE 2.0:
With the letter, the lawmakers aim to give Treasury and the IRS the basis for implementing and enforcing these four provisions as intended while waiting for corrective action from Congress.