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SECURE Act: Addressing Significant Changes to Retirement Planning

RMDs, Qualified Charitable Distributions, Elimination of Stretch IRAs, Part-Time Employees, and Multi-Employer Plans

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, April 28, 2020

Recorded event now available

This course will explain the significant changes made by the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) to retirement and tax planning. The panel will discuss the changes made by the SECURE Act, including developing new planning strategies after its passage.

Description

The SECURE Act's end of year passage and the effective date of 2020 has charged tax professionals not only with grasping its many revisions but also with developing new retirement strategies in light of its far-reaching effects. SECURE Act changes include an increase in the required minimum distribution age from 70-and-one-half to 72, elimination of stretch IRAs (payouts must now take place within 10 years of the date of death), and the extension of elective deferrals to certain part-time employees.

Less talked about are the allowance of consolidated Form 5500 form filing, penalty-free distributions from qualified plans and IRAs for births and adoptions, and the new calculations for qualified charitable distributions. Tax advisers and preparers need to be aware of the multitude of changes made by this act.

Experts are already touting methods to circumvent the effects of the SECURE Act. These include Roth conversions, renaming beneficiaries, and using IRA trusts and life insurance in estate plans. Knowing when and how to implement these strategies is key to providing the most significant potential tax savings and asset preservation for clients, estates, and businesses.

Listen as our panel of experts reviews the multitude of changes included in the SECURE Act, including the changes to discrimination testing, the elimination of stretch IRAs, including part-time employees in retirement plans, and the planning opportunities afforded by the passage of the SECURE Act.

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Outline

  1. The SECURE Act: an overview
  2. Individual changes
    1. Required minimum distributions
    2. Roth conversions
    3. Other changes
  3. Estate plans
    1. Stretch IRAs
    2. Beneficiary designations
    3. IRA trusts
    4. Other
  4. Planning opportunities
    1. Qualified charitable contributions
    2. Charitable trusts
    3. Life insurance
    4. Other strategies
  5. Business changes
    1. Discrimination testing
    2. Elective deferrals by part-time employees
    3. Multi-employer plans
    4. Other changes

Benefits

The panel will review these and other key issues:

  • How to compute qualified charitable distributions from IRAs
  • Which part-time employees qualify for elective deferrals
  • IRA planning strategies after the elimination of the STRETCH IRA
  • When should a taxpayer consider a Roth conversion?
  • How does the SECURE Act impact pooled employer plans?

Faculty

Archibald, Ava
Ava J. Archibald, EA
Principal
Eide Bailly

Ms. Archibald has more than 30 years of experience in providing estate, gift and fiduciary compliance, and tax planning...  |  Read More

Schwarz, Mel
Mel Schwarz, CPA
Director of Tax Legislative Affairs
Eide Bailly

Mr. Schwarz has over 37 years of experience specializing in legislative affairs, including development and...  |  Read More