January 22, 2020 In 401(k), Compliance, Legal Updates
NWPS Perspective: The SECURE Act
Here is NWPS’ memo to clients and advisor partners summarizing The SECURE Act and What It Means to Your Plan. Here are a few key takeaways for those focused on retirement plans:
- Increases the required minimum distribution (RMD) age for retirement accounts to 72 (up from 70½)
- Allows long-term, part-time workers to participate in 401(k) plans
- Offers more options for lifetime income strategies
- Permits parents to withdraw up to $5,000 from retirement accounts penalty-free within a year of birth or adoption for qualified expenses
Please contact your NWPS consultant or firstname.lastname@example.org if you have any questions.