Candidates working toward the CFP designation have an additional resource for exam preparation in a primer for the SECURE 2.0 Act of 2022, the CFP Board announced today.
Questions about the SECURE 2.0 Act, which became effective Jan 1, will appear for the first time on exams this year.
The 12-page “CFP Board Key Elements: SECURE 2.0 Act 2022” guide, which is available online, is designed to help candidates prepare for the board’s “principal knowledge topics” portion of the exam.
The guide includes the following topics:
• The increase of required minimum distribution age to 73.
• The indexing of IRA catch-up limit increases to inflation.
• A new workplace savings plan exception for certain emergency expense distributions.
• A new allowance for employers to make additional non-elective contributions to SIMPLE IRA plans.
• Increases to contribution limits for SIMPLE IRA and SIMPLE 401(k) plans.
• A reduction in the excise tax on missed RMDs.
• Penalty-free domestic abuse distributions.
• Elimination of RMDs from the Roth portion of 401(k) plans.
Along with each topic, the guide addresses the changes enacted under the SECURE 2.0 Act, highlights planning opportunities, and suggests learning objectives.
Additional information about the CFP exam and test resources can be found here.