January 4, 2020
The SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed by the President on December 20, 2019 and includes a few interesting retirement plan changes. A few are listed below:
- Allowing unrelated small employers (that do not share the same geographic area or a common trade, industry, or profession) to create “open” multiple-employer plans, to be administered by “pooled plan providers”
- Repealing the prohibition on contributions to a traditional IRA by an individual who has reached age 70 ½
- Requiring employers to permit part-time employees to participate in the employer’s 401(k) plan if the employee has at least 500 hours of service for three consecutive years
- Increasing the required minimum distribution age from 70 ½ to 72
If any of the above is of interest to you please reach out to us using the Contact Us page so that we may assist with your situation.