New Retirement Law Throws IRA Heirs a Curveball
Contributor Mark Miller discusses the death of stretch IRAs contained in the SECURE Act--and how retirement planners are scrambling to respond.
Talk about last minute: Congress passed important retirement legislation just before the holidays that has sent financial planners and tax professionals scrambling, because the law's impact on high-net-worth clients is nearly immediate.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act contains a grab bag of changes to our retirement system. The bill has been bouncing around in Congress for several years, and two of its most notable features have been getting most of the attention. One aims to improve coverage of workers in 401(k) plans by making it easier for small employers to join together in multiple employer plans, or "open MEPs." Another eases the path for employers to add annuities to their 401(k) plan menus.