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.

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: August 24, 2023
Course Search
5 Reviews (15 ratings)

Reviews

2
Anonymous Author
Too many typos, for example "401(k) Planning Opportunities Matching employer contributions are not required, but if made, count each year the employee worked at least 500 years as a year of service for determining vesting %." It is 500 hours, not years. The material could also have been better organized, presented in a clearer. Answer to some test questions are not clearly found in the course material.

3
Anonymous Author
A few things that I didn't hear mentioned (granted, I may have missed them)... You can still contribute to a Traditional IRA if you break the income thresholds, it's just not deductible from taxable income. Contribution limits are only relevant for Roth IRAs and there are workarounds (backdoor Roth). Joint life expectancy tables can only be used with spousal beneficiaries.

5
Anonymous Author
Great course. The knowledge learned from this course can be usefule in personal level as well as corporation level.

5
Member's Profile
Lots of solid tax planning examples that I can implement right away.

4
Anonymous Author
Great content, slides could be better/easier learning

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 .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to SECURE ACT: Impact on Contributions to and Distributions from Qualified Retirement Plans2:20
  History4:14
  Changes Impacting Employers12:39
  Changes Impacting Individual10:25
  Changes Impacting Individuals Continued15:18
TAX PLANNING
  Tax Planning Opportunities2:13
  Employers Plan-401K, SIMPLE IRA and SEP IRA16:07
  Individual Plans-Regular IRA and Roth IRA18:38
  RMD Rules for Designated Beneficiaries17:14
  Conclusion4:30
CONTINUOUS PLAY
  SECURE ACT: Impact on Contributions to and Distributions from Qualified Retirement Plans1:43:38
SUPPORTING MATERIAL
  Slides: SECURE ACT: Impact on Contributions to and Distributions from Qualified Retirement PlansPDF
  SECURE ACT: Impact on Contributions to and Distributions from Qualified Retirement Plans Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam