Required Minimum Distribution Option

Under federal tax law, if you attained age 72 on or before December 31, 2022, you are required to begin required minimum distributions by April 1 following the later of: (1) the calendar year in which you attained age 72, or (2) the calendar year in which you terminated employment with the University.

Please note, Congress passed the Secure Act 2.0 on December 23, 2022, which moved the RMD age from age 72 to age 73 starting in 2023. If you turned age 72 anytime in 2022 and are no longer employed by Boston University, the new Secure Act 2.0 does not change the fact that you would have been required to take an RMD for 2022 and must take your 2022 RMD no later than April 1, 2023.

Under the required minimum distribution requirement, if you have multiple 403(b) accounts, you may calculate your required minimum distribution for each 403(b) accounts, total the amounts, and take the total required minimum distribution from any one or more of your 403(b) accounts.