Jumpline magazine February 2025 - Flipbook - Page 13
Gary Gonzalez
MDFR Battalion Chief, Retired
Federal Changes - Secure Act 2.0
Federal Changes for a More SECURE Retirement
The SECURE Act 2.0, of昀椀cially known as the “Securing a Strong
Retirement Act of 2021,” builds upon the original SECURE Act
passed in 2019. It introduces several changes aimed at enhancing retirement security for Americans, with speci昀椀c provisions
bene昀椀ting public safety employees. Public safety employees like 昀椀re昀椀ghters, police of昀椀cers, and emergency
medical service providers, often face unique 昀椀nancial
challenges due to the demanding nature of our work.
Here, we’ll explore how SECURE Act 2.0 impacts you.
Enhanced Retirement Flexibility
One of the primary changes in the SECURE Act 2.0
for public safety employees is increased 昀氀exibility in
accessing retirement funds. The legislation recognizes
that public safety jobs often come with earlier-than-typical retirement ages due to the physically demanding
and high-stress nature of the work. As such, the Act makes it
easier for us to withdraw from our retirement accounts without
penalties.
Expanded Early Withdrawal Provisions
We can now access our quali昀椀ed retirement accounts after retirement, such as de昀椀ned contribution plans (e.g. Investment Plan),
without the normal 10% early withdrawal penalty starting at age
50, or after 25 years of service, whichever is sooner, instead of
55 for other professions. This adjustment acknowledges that we
may retire earlier than other workers and may need access to our
savings at an earlier age.
Quali昀椀ed Public Safety Employee De昀椀nition:
The SECURE Act 2.0 broadens the de昀椀nition of a “quali昀椀ed public safety employee.” This designation allows exemptions from
certain tax penalties associated with early withdrawals. The
new de昀椀nition supports a wider range of individuals, potentially including those in administrative and support roles
within public safety departments who were previously
excluded.
Long-Term Impacts
The SECURE Act 2.0 provisions for public safety employees represent signi昀椀cant steps toward recognizing
our unique retirement planning needs. By allowing earlier access to funds without penalties and broadening
the range of those de昀椀ned as public safety employees,
the Act supports smoother transitions from active duty
to retirement.
Conclusion
The SECURE Act 2.0’s changes offer public safety employees
greater 昀氀exibility and support in securing 昀椀nancial readiness for
retirement. As we routinely put ourselves on the front lines to ensure public safety, these legislative updates re昀氀ect a necessary
response to support our 昀椀nancial and retirement planning needs.
As always, if you have any questions or concerns, feel free to
contact me at Northstar Financial Planners, Inc.,
954-693-0030, or on my cell, 954-804-5539.
Until next time, be safe out there.
Commissioner
Kevin Marino
CABRERA
Miami-Dade County - District 6
Supports
We Help MDFR
Personnel Retire
Deepest gratitude to MDFR-Local 1403
for your commitment to our
community’s safety.
Your dedication, expertise, and
sacrifices are unmatched, and we are
grateful for the essential role you play
in safeguarding our county.
Make Better Decisions About
Your Retirement, Deferred Comp,
Pension Options, Investment Plan,
and More.
Plan Your Future Today.
District Office
1000 SW 57th Ave,
Suite 201
Miami, FL 33144
13
(305) 267-6377
northstarplanners.com | 954-693-0030
March 2025 | JUMPLINE Magazine
