secure act

House Ways and Means Committee Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2021.

The 2020 tax year version of IRS Publication 590-B reflects the following noteworthy updates pursuant to the passage of the SECURE, CARES, and Consolidated Appropriations Acts.

Legislation proposed by the House Ways and Means Committee to provide pandemic relief includes several items that would affect retirement and health benefits. 

The IRS has revealed that pre-approved qualified retirement plan documents may be used to establish arrangements known as pooled employer plans, or PEPs. 

The SECURE Act makes it easier for employers to adopt ADP/ACP safe harbor plan provisions. These plans have proven popular with many employers. 

The DOL has issued final regulations on registering as a pooled plan provider (PPP), which is one of the initial steps that such providers must take before offering PEPs.

The IRS has issued Notice 2020-86, with guidance for implementing provisions of the SECURE Act of 2019.

The IRS has issued a ruling describing the status and tax treatment of certain 403(b)(7) custodial accounts belonging to participants or beneficiaries of terminating 403(b) plans.

Richard Neal (D-MA) and Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2020, described as building on major retirement legislation enacted in December 2019.

The House of Representatives has passed a revised version of the HEROES Act estimated at $2.2 trillion to provide pandemic relief.