The bipartisan bill provides more opportunities to save for retirement. Here are some highlights.
The Securing a Strong Retirement Act of 2020 (don t let the date in the name mislead you, the bill is still pending), a bipartisan bill popularly dubbed “SECURE Act 2.0” because it enhances provisions under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, would provide more opportunities for workers to save for retirement and relaxes some of the required minimum (RMD) distribution rules. The bill also includes provisions that benefit small-business owners that offer retirement plans for their employees. Here are five of its key provisions.
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Today, the House of Representatives passed the $1.9 trillion American Rescue Plan Act of 2021 (the “ARPA”). The ARPA has already been approved by the Senate and is expected to be quickly signed into law by President Biden. This client alert addresses Title IX, Subtitle H of the new legislation, which includes significant pension reforms for multiemployer and single-employer pension plans, and expands the number of covered employees for the limitation on the deductibility of executive compensation under Section 162(m) of the Tax Code.
Multiemployer Pension Reforms
Background
The multiemployer pension system in the United States is currently in crisis, with over 100 multiemployer pension plans, covering more than one million participants in total, projected to become insolvent within the next 10 to 20 years. The largest and most significant of these plans, the Central States, Southeast and Southwest Areas Pension Fund
IR-2021-57, March 16, 2021 The Internal Revenue Service today reminded taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.