Tax Tips: A look at the SECURE Act impact on retirement and estate plans
By now most people know that Congress passed and President Donald Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) into law in late 2019. The SECURE Act makes a number of changes to employer- sponsored retirement plans and to IRAs. Some of those changes are mandatory, while others are optional.
These may not sound like dramatic changes, but their impact will be far-reaching, affecting most employers and millions of participants. I note a few of the key changes below, but this is far from a comprehensive list. Check with your company's benefits counsel to determine how the SECURE Act will affect your company's plans. You may also want to talk to your estate-planning attorney if a "stretch IRA" was part of your plan.
Click here to read the full article from Crain's Cleveland Business.