SDK Roundtable-The impact of the SECURE Act

On Friday, December 20, 2019 the President signed the SECURE Act (Setting Every Community Up for Retirement Enhancement) and it becomes effective on January 1, 2020. These rule changes may significantly impact the distribution of your retirement assets and the amount of income tax paid. As a result, estate plans and beneficiary designations may need to be modified to avoid unwanted consequences and to take advantage of new planning opportunities.

The major provisions of this law include the following:

• Increases the age required minimum distributions must be started from 70 ½ to 72.
• Repeals the maximum age for traditional IRA contributions.
• Creates a 10 year payout period on all IRAs and qualified plans unless paid to a surviving spouse. There are limited exceptions to this rule.
• Allows different types of assets to be held in a 401(k) that would provide a guaranteed income stream during retirement.
• Simplification of the 401(k) safe harbor rules
• Up to $10,000 can be used from 529 plans to pay student loan debt
• Up to $5,000 can be used from a retirement plan to pay for the costs of a child’s birth or adoption.

As you can see, this is information that needs discussion! Our speakers will help you unpack it all and determine what you need to know and do.

Our presenters:

SDKer's Nicole Brown, CPA, CEBS and Deanna Staeheli, CPA will be providing more information and resources.

Nicole specializes in employee benefits, auditing and tax.  Her expertise includes third party administrative services, plan document design consulting and preparation, compliance testing and reporting.  She has performed many full scope and limited scope retirement plan audits under Auditing Standards Generally Accepted in the United States.

Deanna worked for large regional accounting firms and a national bank assisting clients with estate planning, compliance and administration before joining SDK. She has over 20 years of experience in the areas of estate, gift and fiduciary tax compliance and planning.

Joining Nicole and Deanna will be Deb Rosenberg of Stiles Financial. Deb has forty years of benefit plan experience in bank trust companies, a global benefits consulting firm, and an investment advisory firm.  She has worked with all aspects of retirement plans including plan design, compliance, investment selection and oversight, vendor selection and oversight, and employee education.