Required Minimum Distribution Age Change
A new law--the SECURE Act--raises the required minimum distribution (RMD) start date from age 70½ to 72, beginning in tax year 2020. This new law applies to retirement accounts including the MNDCP.
- If you turn 70½ on or after January 1, 2020, you won't have to begin your RMD until you reach age 72 or terminate service, whichever is later.
- The former age 70½ rule continues to apply to anyone who attained age 70½ before December 31, 2019.
Other provisions of the SECURE Act will become effective at a later date. For more information, visit www.irs.gov.