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New tax rules affect retirement plans

Oct 01, 2023 · 5 min read

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Tucked into the 1,700-page spending legislation that Congress passed in December 2019 with a government shutdown deadline looming was a bill called the Setting Every Community Up for Retirement Enhancement Act (Division O of P.L. 116-94).

The SECURE Act was designed to encourage retirement savings in various ways and to simplify administrative requirements in order to make it easier for employers to offer retirement plans. Like a smorgasbord, the act contains a wide assortment of changes to existing law. The

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