What You Need to Know
Jamie Cox weighs in on the 146-page package, which raises the RMD age and a whole lot more.
Those making catch-up contributions to retirement plans will have to do so on a Roth basis, he says, which has pros and cons.
But there s reduced tax penalty for those who fail to take an RMD.
The Securing a Strong Retirement Act of 2021 passed the House Ways and Means Committee on Wednesday. While it has a long way to go in the legislative process, the bill, dubbed the Secure Act 2.0, has the attention of advisors like Jamie Cox.
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For the last several years, a hot topic for policymakers has been how to address the nation’s massive student loan debt. At the same time, the pressure remains to develop ways to encourage Americans to save for their own retirement. Legislation is in the works that propose marrying those two goals.
Earlier this week, the U.S. House of Representatives Ways and Means Committee passed a bipartisan retirement reform bill, the Securing a Strong Retirement Act of 2021 (or “SECURE 2.0,” to reflect its role in following in the footsteps of the SECURE Act passed in December 2019). Among other provisions, SECURE 2.0 would permit employers to make matching contributions under a 401(k) plan, 403(b) plan or SIMPLE IRA with respect to “qualified student loan payments.” Such arrangements have been touted as a way to make sure employees burdened with student loans don’t miss out on employer retirement contributions since they
Friday, May 7, 2021
DOL Rescinds Independent Contractor Rule. On May 6, 2021, the U.S. Department of Labor (DOL) issued a regulation rescinding its independent contractor rule, which was finalized on January 7, 2021, but never went into effect. The withdrawal comes less than three weeks after the close of a public comment docket that generated over 1,000 responses. The DOL stated that it “believes that the Rule is inconsistent with the [Fair Labor Standards Act’s] text and purpose, and would have a confusing and disruptive effect on workers and businesses alike due to its departure from longstanding judicial precedent.” The new regulation does not set forth a new regulatory standard for evaluating independent contractor status, but the
4 Ways The Secure Act 2 0 Would Change Retirement Planning forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.