This course discusses the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) enacted on December 20, 2019 which makes sweeping changes to the rules governing qualified retirement plans and how employees save for retirement.

The Act makes significant changes to the Required Minimum Distribution rules from qualified plans and also speeds up when distributions must be made from inherited plans.

A review of salient sections impacting employers includes the following topics:

• Cap for Automatic Enrollment Safe Harbor After First Plan Year.
• Election of Safe Harbor 401(k) Status.
• Credit Limitation for Small Employer Pension Plan Startup Costs.
• Small Employer Automatic Enrollment Credit.
• Expansion of Retirement Plans to Part-time Employees.
• Relief for plans Adopted by Filing Due Date but after Year-end.
• Combined Annual Reporting for Group of Plans.
• Required Disclosures of Lifetime Income from Retirement Plans.
• Penalties for Failure to File Retirement Plan Returns.

A review of salient sections impacting individuals includes the following topics:

• Prohibition on Certain Distributions from Qualified Employer Plans.
• Portability of Lifetime Income Investments.
• Compensation Eligible for IRA Contributions.
• Penalty-Free Plan Withdrawals in Case of Birth of Child or Adoption.
• Repeal of Maximum Age for Traditional IRA Contributions.
• Increase in Age for Required Minimum Distributions (RMD).
• Modification of RMD Rules for Designated Beneficiaries.
• Expansion of section 529 Plans.

This course also discusses how to avoid/minimize the taxation of retirement contributions and distributions.

Course Key Concepts: SECURE Act, RMD (Required Minimum Distributions), 401(k) Plans,Pension Plan Startup Costs, Qualifying Compensation for Retirement Plans, 10% Early Withdrawal Penalty, 529 Plans.