The SECURE Act Legislation (Webinar)

The SECURE Act Legislation (Setting Every Community Up for Retirement Enhancement) is a comprehensive retirement and savings law that went into effect January 1, 2020. This webinar, presented by Kristofer Gray (Principal of Integrity Financial) and Association of Washington Business, will give you an overview of the new law and how the most significant provisions could impact you or your business.

Key Takeaways and Changes:

1. Improved tax credits

• • Business tax credit for new plans: 50% of admin costs up to $5,000 (for 3 years)

2. Auto-enrollment

• • Department of Labor favors increased participation in 401(k) or SIMPLE IRA plans
  • Tax credit for new or existing plans: $500 max (for 3 years)
  • Learn more

3. MEP Benefits/Penalty Increases

• • Failing to timely file Form 5500 = $250 per day, $150,000 annual max
  • Failing to file Form 8955-SSA = $10 per day, $50,000 annual max
  • Failing to provide income tax withholding notices = $100 for each failure, $50,000 annual max

• Required minimum distributions (RMDs) age pushed back from 70 1/2 to 72

• Removed maximum age limits for IRA contributions (was previously 70 1/2)

• Expanded 401(k) eligibility for part-time employees

• Loosened rules related to penalty-free early withdrawals

• Relaxed rules regarding investment options in 401(k) plans to more easily allow for the inclusion of certain types of annuities

To learn more about the SECURE Act, continue reading by clicking here.