5 Key Takeaways | IRS Final RMD Rules & Proposed Regulations to Address SECURE 2.0 Act Issues
PODCAST: Williams Mullen's Benefits Companion - Back to the Future: SECURE Act and SECURE Act 2.0
COVID-19 Estate News: Five Important Takeaways from the CARES Act that Affect Your Estate
The SECURE Act: Significant Changes for Retirement Plans and IRAs
The Secure Act | How secure are you in your estate plan?
The SECURE Act: How This Brand New Law Affects Your Retirement Accounts
Last year, the IRS issued its long-anticipated final (and newly proposed) regulations to address SECURE 1.0 and 2.0 Act changes to the required minimum distribution (“RMD”) rules (Code section 401(a)(9)). The 2024 proposed...more
On July 19, 2024, the Internal Revenue Service (“IRS”) issued final regulations (“2024 regulations”) regarding the SECURE Act of 2019 and the SECURE Act 2.0 of 2022, which apply to 401(a) plans, 401(k) plans, traditional and...more
The SECURE 2.0 Act of 2022 (the “SECURE 2.0”) made significant changes to retirement plans and how they operate. Many of the changes have already been implemented by service providers, but some sponsors will need to plan for...more
If you are 73 or older, remember to take your Required Minimum Distributions from any retirement plan or IRA you may have. As discussed in prior blog posts, Required Minimum Distributions (“RMDs”) are taxable amounts that...more
As 2024 comes to an end, we are pleased to present our traditional End-of-Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 addressed health and welfare plan...more
The IRS has for the third consecutive year offered relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. Let’s look at how this...more
Recruiting and retaining top executives can be challenging for non-governmental tax-exempt organizations such as Code §501(c)(3) organizations, private universities, and certain healthcare organizations (Nonprofits). Not only...more
In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Together, the...more
Yahoo! Let’s celebrate—the IRS gave us more time! On August 25, 2023, the Internal Revenue Service announced an administrative transition period that effectively delays the deadline for adding Roth catch-up contributions...more
The Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0) was enacted in December 2022 as part of the year-end omnibus spending bill. Even though several provisions were effective in 2023, the...more
SECURE 2.0 brought significant changes to retirement planning and distributions, including updating the Required Minimum Distribution (RMD) requirements. As background, RMDs are the minimum amounts that individuals who...more
The Senate ushered in the New Year with a bang by passing SECURE 2.0 on December 22, 2022. SECURE 2.0 includes many updates to the sweeping changes brought about under 2019’s original SECURE Act legislation. The following are...more
Most Americans prefer not to pay more in income tax than absolutely required or to pay taxes any sooner than necessary. This includes many retired individuals who do not need to tap into their employer-sponsored retirement...more
Summary - On December 29, 2022, President Biden signed into law the SECURE 2.0 Act of 2022 (the Act) as part of the Consolidated Appropriations Act, 2023. SECURE 2.0 features more than 350 pages of new laws affecting...more
The IRS has published transitional relief in Notice 2022-53 (the “Notice”) for required minimum distributions (“RMDs”) to certain beneficiaries who may not have anticipated the IRS’s interpretation of the RMD rules announced...more
The IRS on Aug. 3, 2022, issued Notice 2022-33, which extends the deadlines for qualified retirement plans, 403(b) plans and governmental retirement plans (including 457(b) plans) to adopt amendments reflecting certain...more
The House and Senate are moving forward on several versions of legislation, which are collectively known as the “Secure Act 2.0” because they would build off of the Secure Act, the last major retirement plan legislation...more
In the March Monthly Minute, we review IRS proposed regulations implementing the SECURE Act, DOL guidance on cryptocurrency investments, and the extended National Emergency “Outbreak Period” guidance. Crypto-Curious vs....more
The temporary reprieve is over. Due to the COVID-19 pandemic, Congress suspended the rules for required minimum distributions (RMDs) in 2020, including inherited accounts. But the rules have been restored for the 2021 tax...more
No one really appreciates laundry, but having a calendar year-end top 10 list may be exactly what plan sponsors and administration committees need in order to prevent operational or document compliance issues being raised by...more
Ruder Ware’s Trusts & Estates blog has featured several posts (for example, Call to Action: Review Your Estate Plan in Light of the SECURE Act and Why SECURE Act Matters to You) on the SECURE Act, a federal law effective...more
The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff...more
The Paycheck Protection Program money is spent, the temporary $600 weekly unemployment supplement is over, and we still need money. We could draw on our savings, sell investments, or take out a loan against our home. Usually,...more
When the CARES Act passed last spring we wrote about the provisions, which allowed IRA & 401(K) holders to access their accounts while avoiding tax consequences. We also noted that the devil is often found in the details. ...more
While the 4 Questions during the Passover holiday asks why this night is different than all other nights, the Internal Revenue Service (IRS) has reminded us that this year for required minimum distributions (RMDs) are...more