Big Changes to Your Retirement Account in 2020.

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How the SECURE ACT screwed everyone and why you should not be using a retirement account. More info here.

SECURE Act Summary

  • Expands the ability to run multiple employer plans for plan years beginning after December 31, 2020
  • Safe Harbor Rules Simplified for plan years beginning after December 31, 2019
  • Long Term Part-time Workers permitted to participate in 401(k) plans, which applies generally to plan years beginning after December 31, 2020 
  • 3 consecutive 12-month periods the employee has at least 500 hours of service
  • Repeal Maximum Age for Making IRA Contributions which applies to contributions made for taxable years beginning after December 31, 2019 
  • Increase Age for Required Minimum Distributions to 72
  • Applies to distributions required to be made after December 31, 2019, with respect to individuals who attain age 7012 after such date


RMDs after Death under the Secure Act

  • H.R. 1865 – Sec. 401 Modification of Required Minimum Distribution Rules for Designated Beneficiaries
  • Basically, requires all IRAs and Qualified Plans to be distributed within 10 years of death
  • The Senate version had a 5 year limit


RMDs after Death under the Secure Act

Exception to 10-year rule for certain beneficiaries:

  • Surviving Spouse
  • Children under the age of majority (but only until reach age of majority, then 10-year rule)
  • Disabled
  • Chronically ill
  • Another individual who is not more than 10-years younger
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