The SECURE Act Modifies Several Retirement Plan Requirements

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was passed as a part of the Further Consolidated Appropriations Act signed into law on December 20, 2019. The SECURE Act makes important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules. While most of the SECURE Act’s provisions expand opportunities for individuals to increase their savings, the legislation includes one change that will require some taxpayers to update their estate plans.

Click here for a more detailed look at several of the act’s changes that are the most likely to affect individuals in 2020 and beyond.

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If you have questions regarding the provisions of the Further Consolidated Appropriations Act and how they might affect you, please contact your Bennett Thrasher tax advisor by calling 770.396.2200.