Business
https://www.dbllawyers.com/secure-act-problem-or-opportunity/ We're going to talk about a new law that was signed into effect December 20th of 2019 as part of the end of the year Appropriations Act. It makes it easier for small businesses to set up the so-called Safe Harbor retirement plans, which had been traditionally very hard for them to set up because of the cost. It also allows part time workers to be eligible to participate in employer plans. Before, the law required that you'd be a full time employee. It also pushes back the age at which retirement plan participants are required to take the so-called minimum distributions from their retirement plans. So they used to have to take them at 70 and a half, and now retirement plan participants can wait till 72 before they start taking those distributions. It also allows traditional IRA owners to keep making contributions to their own IRA and thus tax deferring the gains indefinitely. It mandates that most non spouses generally have to take an empty IRA account within 10 years. This could cause heirs to certain estates to get more income tax earlier on, and it could also defeat some planning that parents may have had in place for adult children where their adult children were to only get income or to get money from the estate over time. Finally, the Act also allows 401k plans to finally offer annuities. If you have an IRA, particularly, it significantly changes how you're allowed to leave that IRA to your heirs. And if you have a small business, it can provide a huge number of new opportunities for you when it comes to planning for retirement and providing benefits for your employees.