Traditional Individual Retirement Accounts, better known as IRAs, were created by the Employee Retirement Income Security Act of 1974 (ERISA) and have revolutionized how Americans save for their golden years. They became available on January 1, 1975.
Read MoreA provision allowing high deductible health plans (HDHPs) to waive the deductible for telehealth and other remote care services without causing plan participants to lose the ability to contribute to a health savings account (HSA) expires for calendar year plans on December 31, 2024.
Read MoreBecause auto-enrollment is so effective, Congress has included in the SECURE 2.0 Act a provision that will require most newly established 401(k) and 403(b) plans to include such a feature, starting in the 2025 plan year.
Read MoreThe premature spending of retirement savings for purposes other than retirement is likely to cause many retirees to be inadequately prepared during retirement. The congressional Joint Committee on Taxation recently released a report estimating the extent to which retirement accumulations are currently “leaking” from tax-advantaged savings arrangements and why.
Read MoreThe Consolidated Appropriations Act, 2021, was signed on December 27, 2020. Although there is no broad employee benefit relief, the Act contains some provisions—coronavirus- and non-coronavirus-related—that pertain to retirement and health savings plans.
Read MoreThe CARES Act grants tax-favored access to savings and provides a pathway to replenishing them later with coronavirus-related distributions.
Read MoreThe CARES Act, signed into law March 27, is designed to assist the millions of Americans affected by the coronavirus (COVID-19) outbreak. The legislation has multiple provisions that affect retirement and health savings arrangements.
Read MoreIn addition to recent legislation that requires health insurance providers to cover COVID-19 testing without charge, IRS Notice 2020-15 will allow high deductible health plans to cover COVID-19 diagnostic testing and associated treatment costs without jeopardizing an HSA owner’s contribution eligibility.
Read MoreOn December 20, 2019, the President signed into law the Further Consolidated Appropriations Act, 2020, which includes the major retirement savings-related SECURE Act provisions previously passed by the House in April 2019. Many of the provisions will become effective January 1, 2020.
Read MoreAwaiting both House and Senate approval and signature by the President is the Consolidated Appropriations Act, 2020, which contains provisions to fund government operations for the coming fiscal year and includes SECURE Act provisions affecting retirement and individual savings plans.
Read MoreThe Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 passed the House of Representatives. The Senate will now take up a similar bill—the Retirement Enhancement and Savings Act of 2019, or RESA. SECURE and RESA would make many significant changes to the retirement savings landscape.
Read MoreThe Retirement Enhancement and Savings (RESA) Act of 2019 is the latest Senate version of a retirement reform bill that, if passed, would make many significant changes to the retirement savings landscape.
Read MoreThe Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 is the latest House version of a retirement reform bill that, if passed, would make many significant changes to the retirement savings landscape.
Read MoreLooking at the road map for 2019, take note of what may be ahead for retirement savings-related changes. Here are some key items to watch for.
Read MoreDon’t be caught off guard with these tax reform changes from the Tax Cuts and Jobs Act and Bipartisan Budget Act that take effect January 1, 2019.
Read MoreThe House of Representatives has passed the Protecting Family and Small Business Tax Cuts Act of 2018. This is the third and final bill in the Tax Reform 2.0 package considered in the House.
Read MoreOn September 27, 2018, the House of Representatives passed the Family Savings Act of 2018, legislation that would make many significant changes to retirement and other tax-favored savings arrangements. Passage by the Senate is uncertain.
Read MoreTax Reform 2.0, if enacted by Congress, would make significant changes to tax-advantaged savings arrangements. The House may vote on this legislation by the end of September.
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