New Retirement Plan Laws: What’s Changed and What Hasn’t

From time to time, the Dominican Friars Foundation provides  information we think would help our supporters accomplish their financial and philanthropic goals while being good stewards of God’s gifts. In this article, we take a look at recent changes to retirement plan laws, how they might impact you and strategies to help you save taxes. 

The SECURE Act went into effect on Jan. 1, 2020, and with it came some of the most important changes to retirement plans since 2006. Here is a brief summary of what changed and what stayed the same.

What Changed

    • You can now contribute to your IRA past the age of 70½, allowing you more time to save for retirement, if you still have earned income/wages. The tax deduction benefits remain the same, allowing you to add up to $7,000 a year to your IRA regardless of your age, if you are still working.


    • The required minimum distribution (RMD) age has changed. The SECURE Act changed the age at which you must start taking RMDs from your retirement accounts from age 70½ to 72 for those born July 1, 1949, or later. This change also gives you additional time to grow your retirement funds.


    • Non-spousal IRA beneficiary rules have changed. If you name someone other than your spouse or someone within 10 years of your age as the beneficiary of your IRA, the funds will have to be withdrawn within 10 years (whereas previously, inherited IRAs could be stretched over the lifetime of your chosen beneficiary). A lot of multi-generational planning relied heavily on Stretch IRA planning – if this may be your situation, you need to consult with your attorney or financial planner.

What Stayed the Same

    • You can still withdraw IRA or other retirement funds from age 59½ and older with no penalty. You also may access your retirement savings prior to age 59½, but there is still a 10% early-withdrawal penalty that would apply in most cases.


    • Spouses and other beneficiaries within 10 years of your age can still take distributions over their lifetimes. When you name your spouse as the beneficiary of your IRA, he or she can roll the inherited IRA into his or her own IRA account.


    • If you’re 70½ or older, you can still make direct tax-free gifts to qualified charitable organizations from your IRA, including the Dominican Friars Foundation for up to $100,000 per year without incurring any income tax. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions on your federal tax return. Your gift will also be put to use today, allowing you to see the immediate difference you’re making. Please contact our Planned Giving Office at or call 646-350-0108 to learn more.

Your Next Steps

If you have questions about the impact the SECURE Act will make on your retirement plans, be sure to make an appointment with your accountant, financial advisor or estate planning counsel. They can review your plans (including your beneficiary designations) and ensure they still accomplish what you want them to.

Please note: this information does not constitute legal or financial advice and we strongly encourage you to consult with your tax advisor about these strategies and whether they may be appropriate to your individual circumstances.

For further details download this document:



Please don’t hesitate to contact our Planned Giving Office at or call 646-350-0108. to learn more. We are happy to work with you and/or your advisor to determine the best giving strategy for you.

Make a Tax-Free Gift from your IRA

Thank you for considering a gift to the Dominican Friars both now, and as a legacy gift via a beneficiary designation, of your IRA. Your gift would go a long way towards helping to renew the culture, both now and for future generations.

Making gifts directly to the Dominican Friars from your IRA, is still a good opportunity to make an impact on the culture, that will help you avoid taxes.

If you are age 72 or older, and make a direct gift to us it lowers the amount the government requires you to take out of your IRA. That way you don’t ever have to pay taxes on it.”

If you are between age 70½ and 72, and make a direct gift to us, you will avoid the takes you would pay if you take that money out yourself. A lot of people like to do this because they can’t use the charitable deduction anymore. This is a great way to still get a tax benefit from your giving.


If you are ready to make a gift to the Dominican Friars, following are the instructions to make a direct transfer from your banking institution and below is the information to make a legacy gift to the Friars by setting up a beneficiary designation.

Direct Transfer:

Capital One

ABA or Routing # 021407912

Checking Acct# – 752 849 7572

Dominican Foundation

Beneficiary Designation:

The Dominican Foundation of Dominican Friars Province of St. Joseph, Inc. is a NY State tax-exempt corporation under section 501(c) (3) of the Internal Revenue Code (EIN 26-3273636).


Legacy Giving Home

Copyright © 2017-2024 Dominican Friars Foundation

The Dominican Foundation of Dominican Friars Province of St. Joseph, Inc. is a NY State tax-exempt corporation under section 501(c) (3) of the Internal Revenue Code, with
Tax ID # 26-3273636.