MDI Biological Laboratory
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SECURE Act: Important Updates to Your Retirement Benefits

  • February 26, 2020

Did you know the SECURE Act (enacted January 1, 2020) brought significant changes to your retirement plan contributions?  While some changes impact you, others may impact those you name as a beneficiaries.  Making a gift to MDI Biological Laboratory through your retirement plan continues to be an easy and beneficial way to leave a legacy, but it’s important that you have the latest information to make the best decision for you and your beneficiaries.

The FAQs on the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted January 1, 2020. With this new legislation came many questions for those who are retired or are retiring in the near future.  Passed as part of a spending bill, the SECURE Act represents the most significant changes to retirement plans since 2006. 

Changes You Should Know About

  1. You can contribute to your IRA longer. Previously, you could not contribute to your IRA after reaching the age of 70½. However, more and more people are working past that age. The SECURE Act repeals this age limitation, allowing you more time to save.
  2. The required minimum distribution (RMD) age changed. The SECURE Act changed the age at which you must start taking RMDs from your retirement account from 70½ to 72 for those born July 1, 1949 or later. This change allows you additional time to grow the funds in your account before you have to start withdrawing from it.
  3. IRA beneficiary rules have changed. Prior to the SECURE Act, beneficiaries could take distributions throughout their lives. This offered tax savings for the beneficiary. The SECURE Act preserved this option for spousal beneficiaries, but repeals it for non-spousal IRA beneficiaries. They will now have 10 years to withdraw the entire amount.

What Stayed the Same

If you’re 70½ or older, you can still make a tax-free gift to a qualified charitable organization. You can transfer any amount up to $100,000 per year directly to a qualified charitable organization without paying income tax on the distribution. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Your gift will also be put to use today, allowing you to see the difference you’re making.

Review Your Plans

If you have questions about the impact of the SECURE Act on your retirement plans, be sure to make an appointment with your financial advisor. They can review the plans you have in place (including your beneficiary designations) and help make sure you are still on the right track.

To learn more about how you can take advantage of the SECURE Act changes and at the same time support the MDI Biological Laboratory, contact Jeri Bowers, Director of Development, at 207-288-3147 or

MDI Biological Laboratory is a registered nonprofit organization incorporated in Maine with tax identification number 01-0202467 and located at 159 Old Bar Harbor Road, Salisbury Cove, Maine 04672.