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

Learning Objectives

  • Explore how the ACT impacts employer retirement plans.
  • Explore how the ACT impacts individuals saving for retirement.
  • Identify tax planning strategies that will maximize retirement benefits.
  • Recognize the impact the ACT has on retirement distributions to plan beneficiaries and heirs.
Last updated/reviewed: September 27, 2020

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:20Introduction to SECURE ACT: Impact on Contributions to and Distributions from Qualified Retirement Plans
  4:14History
  12:39Changes Impacting Employers
  10:25Changes Impacting Individual
  15:18Changes Impacting Individuals Continued
TAX PLANNING
  2:13Tax Planning Opportunities
  16:07Employers Plan-401K, SIMPLE IRA and SEP IRA
  18:38Individual Plans-Regular IRA and Roth IRA
  17:14RMD Rules for Designated Beneficiaries
  4:30Conclusion
CONTINUOUS PLAY
  1:43:38SECURE ACT: Impact on Contributions to and Distributions from Qualified Retirement Plans
SUPPORTING MATERIAL
  PDFSlides: SECURE ACT: Impact on Contributions to and Distributions from Qualified Retirement Plans
  PDFSECURE ACT: Impact on Contributions to and Distributions from Qualified Retirement Plans Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM