IRS Releases Notice 2023-54: Transition Relief and Guidance Relating to Certain Required Minimum Distributions

On July 14, 2023, the IRS released an advance version of Notice 2023-54: Transition Relief and Guidance Relating to Certain Required Minimum Distributions.

The purpose of Notice 2023-54 is threefold:

1. "This notice provides transition relief for plan administrators, payors, plan participants, IRA owners, and beneficiaries in connection with the change in the required beginning date for required minimum distributions (RMDs) under § 401(a)(9) of the Internal Revenue Code (Code) pursuant to § 107 of the SECURE 2.0 Act of 2022 (SECURE 2.0 Act), enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023, Pub. L. 117-328, 136 Stat. 4459 (2022)."
2. "This notice also provides guidance related to certain specified RMDs for 2023."
3. "In addition, this notice announces that the final regulations that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning no earlier than 2024."

Notice 2023-54 will be published in Internal Revenue Bulletin 2023-31, which will be published on July 31, 2023.