On March 27, 2020, the U.S. House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that was passed in the U.S. Senate on March 25, 2020. The President signed the bill into law on March 27, 2020. This brief is a summary of provisions contained in the CARES Act that impact retirement plans and IRAs.
The worldwide coronavirus outbreak has caused a very sharp downturn in the economy and world equity markets. While no two downturns have been exactly alike, we offer some context and how it relates to your investment plan.
In an era of extreme political division, it would have been easy to miss the bipartisan legislation recently enacted by Congress. On December 20th, and without much fanfare, President Trump signed into law the SECURE ACT, which is an acronym for “Setting Every Community Up for Retirement Enhancement.” Here are the main provisions and what this could mean for you:
For businesses owners who have not yet implemented a company sponsored 401(k) plan, the deadline for adopting a Safe Harbor 401(k) for calendar year 2019 is approaching on October 1st.
The IRS has announced an increase to the amount that can be contributed to 401(k) plans in 2019. You will be able to defer $19,000 ($25,000 if you are 50 or over)