Retirement Plan Changes for Long-Term, Part-Time Employees
SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans.
Closing the Coverage, Participation and Savings Gap with SECURE 2.0
The SECURE 2.0 Act of 2022 includes over 90 provisions that have implications for retirement plans. Here are some of the changes that will be more impactful to retirement plans and plan sponsors.
New Rules for Inherited IRAs
For many years, beneficiaries of inherited IRAs were permitted to withdraw the balances over their life expectancies. Then, the SECURE Act largely eliminated this tax deferral opportunity. Its effective date of December 31, 2019 could be called “The Day the Stretch IRA Died”.
SECURE Act: Potential Implications to Naming Your Trust as Retirement Beneficiary
Since the SECURE Act passed in December of 2019, several clients have reached out regarding the so-called “10 Year Rule” which stipulates all retirement assets must be distributed to certain beneficiaries within 10 years of the client’s passing.
DOL Issues Interim Rule on Lifetime Income Disclosure
(authored by RSM US LLP) The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.