Tag Archives: SECURE Act

The SECURE Act’s elimination of stretch IRAs poses a challenge to many high-net-worth account owners who had hoped to pass their savings to the next generation and allow inheritances to continue growing tax-free over beneficiaries’ lifetimes. Under the law, non-spouse IRA beneficiaries must withdraw the entirety of inherited IRA accounts within 10 years of the […]

In April 2024 the IRS again granted taxpayers another year of relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. The SECURE Act, signed into law in 2019 and amended in 2022 under SECURE Act 2.0, introduced a requirement that certain […]

In 2023, the U.S. Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Corporation issued final changes to how retirement plan sponsors must annually report critical information about their employee benefit plans under the Secure Act that was passed into law in 2021. These updates apply to employers’ annual reporting obligations for the 2023 […]

Ongoing economic uncertainty, persistently high inflation and a tight labor market have made it increasingly difficult for employers to attract and retain top talent. However, according to the result of a recent survey, one of the best ways employers can differentiate themselves from the competition is to offer a retirement savings plan with an employer […]

Earlier this year, the IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) issued final changes to the annual reporting requirements of employee benefit plan sponsors for their 2023 filings of IRS Forms 5500 and 5500-SF. The revisions were introduced as part of the Setting Every Community Up for Retirement Enhancement Act of […]

The SECURE Act signed into law at the end of 2019 brought new restrictions to non-spouse beneficiaries of inherited individual retirement accounts (IRAs), requiring them to empty those accounts within 10 years of the original owner’s death and pay the taxes due. Not only was the new law bad news for beneficiaries who were previously […]

The IRS recently issued guidance extending the deadline for retirement plans and individual retirement accounts (IRAs) to adopt amendments reflecting legislation passed into law in 2019 and 2020. The previous deadline for calendar year plans has been postponed from December 31, 2022, to December 31, 2025. The additional time is good news for sponsors and […]

529 plans provide families at all income levels with a tax-advantaged method for funding their children’s future education. Generally, contributions are invested and allowed to grow free of federal income tax when withdrawals are used to pay qualifying higher-education expenses, including tuition and fees for an undergrad or graduate school student; room and board, subject […]