Impact of the SECURE Act on Tax and Retirement Planning

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 and became effective January 1, 2020. It is time to consider how the SECURE Act may affect your retirement planning and overall estate plan.

The SECURE Act affects contributions to and distributions from Qualified Plans, including: traditional and Roth IRAs, §401(k) plans, §403(b) plans, §457(b) plans, §401(a) plans, ESOPs, cash balance plans, and lump sums from defined benefit plans. The SECURE Act also impacts certain penalty-free withdrawals from Qualified Plans and allowable expenses under Section 529 Education Savings Plans. The document link below provides an overview of these important changes.