Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Required Minimum Distributions".

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Legislation Details

The joint resolution nullifies a rule issued by the Internal Revenue Service regarding Required Minimum Distributions.
The rule was established to update minimum distribution requirements from qualified plans in accordance with the Setting Every Community Up for Retirement Enhancement Act of 2019 and the SECURE 2.0 Act of 2022.
Key changes in the rule include:
- Increasing the required minimum distribution age from 72 to 75 over a 10-year period.
- Mandating that all distributions must be completed by the end of the 10th year after the account holder’s death, with certain exceptions.
The resolution expresses congressional disapproval of the IRS rule, rendering it without force or effect.