As we continue our review of the SECURE Act, we turn our attention to a new optional provision that is designed to help defray the costs of adoption and child-birth. This new distribution option was created when the SECURE Act expanded the list of items excluded from the additional income tax on early distributions contained in IRC Section 72(t).
As discussed in our previous blog post, the SECURE Act changes the date that employees are required to begin making retirement distributions from qualified plans from the April 1st after reaching age 70 ½ to the April 1st after reaching age 72. This is not the only significant change made to the required minimum distribution rules. The SECURE Act ...
Changes have been made to the penalties that may be assessed against employers since our last article on Form 5500 filings. As a reminder, Form 5500 is the information return that must be filed by most employee benefit plans subject to ERISA (unless an exception applies), and failure to file this annual return for a plan can result in assessment of ...
This continues our series of posts regarding the SECURE Act of 2019. As discussed in our previous articles, Cadillac Tax Sent to the Junkyard… and 72 is the New 70 ½ for RMD’s…, the SECURE Act has made numerous changes to taxes, health plans, and, now, even retirement plans.
Effective for plan years beginning after December 31, 2020, the SECURE ...