The most important provision of the SECURE Act – removal of the stretch RMD provisions – is a tax revenue generator, meaning a tax hike on many Americans.
” for Congress. Last year closed out with a number of retirement bills making real headway through D.C., committees, think tanks and lobbyists, and we’ve been poised for major legislation to emerge.
While the bill has essentially 29 new provisions or major changes, I want to focus on just eight areas. That being said, here are eight major pieces of the current version of the SECURE Act that I think are worth closer examination. make some significant changes to a variety of retirement rules. It expands the ability to run multiple employer plans and make the process easier overall. It essentially allows small employers to come together to set up and offer 401 plans with less fiduciary liability concern and less cost than exists today.
of the SECURE Act removes this savings limitation by repealing the age limitation for traditional IRA contributions. introduces a new tax credit of $500 to help some smaller employers encourage automatic enrollment into their retirement plan. This small credit could help offset some of the costs of operating a plan at the beginning. Automatic enrollment has seen great success in increasing plan participation by employees.
Typically, smaller inherited accounts are liquidated fairly quickly by beneficiaries already. However, the end of the so-called “Stretch” IRA or retirement account makes a lot of sense from a public policy perspective, especially after the Supreme Court has ruled that inherited accounts are not “retirement” accounts.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Trump Administration Extends Deadline for Affordable Care Act EnrollmentPeople will have more time to sign up for health coverage on the federal Affordable Care Act exchange after some experienced problems using the website Sunday, Trump administration officials said.
Leer más »
Coast Guard slow to act on fire dangers of lithium-ion batteriesMonths before the disaster on the Conception, a lithium-ion battery caught fire on its sister vessel. The Coast Guard has lagged behind other agencies in making rules to limit such fire risk.
Leer más »
Lawmakers strike agreement on last-minute tax packageLawmakers unveiled a last-minute tax plan this morning that would extend numerous tax breaks
Leer más »
Spending deal does not hike EV credit, boosts aviation inspection fundsAutomakers, congressional aides do not expect budget deal will hike $7,500 EV tax credit
Leer más »
Top Democrats make case for Republicans to endorse Trump impeachmentTop Democrats in the U.S. House of Representatives made a last-minute pitch to R...
Leer más »
These Are the 10 Electronics Amazon Shoppers Want the Most Right NowFrom smart speakers to Nintendo consoles, these gadgets make perfect last-minute holiday gifts
Leer más »