On March 29, 2022 the House approved H.R. 2954 that is titled the Securing a Strong Retirement Act of 2022 (the SECURE Act 2.0) by a vote of 414-5. On May 26, 2022, a discussion draft of the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE &...

Individuals often fund charitable gifts with their savings or retirement benefits. However, such benefits, other than those from a Roth individual retirement arrangement, are generally included in the individual's gross income when received, and may not be deductible from the donor's income....

Congress is expected to agree upon major retirement legislation in the coming months. The EARN Act which was developed by the Senate Finance Committee, should be revised to better enhance retirement equity, particularly for the many American workers and their families who are seeking to...

Plan administrators may permit participants and beneficiaries to access their own plan benefits to address their cash-flow problems without adverse tax consequences with more favorable plan loan policies. These policies are not limited to the CARES Act provisions permitting “qualified...

The CARES Act provides cash flow relief for “qualified individuals” with savings and retirement benefits by enhancing provisions for direct loans and indirect loans (repayable distributions) of those individual's benefits. IRS Notice 2020-23 similarly extends due dates for pension plan loan...

Individuals often fund charitable gifts with their savings or retirement benefits. Such benefits, other than those from a Roth individual retirement account or annuity, are generally included in the individual's gross income when received. However, individuals may not be able to deduct for...

SECURE Act 2.0, which was enacted on December 29, 2022, represents a missed opportunity to enhance retirement equity. The Act’s 92 provisions provide small new tax incentives to those American workers struggling to save for a comfortable retirement, larger tax incentives to those with few...

A substantial part of the assets of many individuals consists of benefits from life insurance and retirement plans (collectively "plan benefits" and "plans," respectively). As an individual's family, friends, and preferred charities change, the intended goals of the individual with respect to...

In September, the Ways-and-Means Committee of the House approved proposals to substantially improve the equity of retirement tax incentives for American workers. The new requirement that employers automatically enroll employees in a simple defined contribution plan, and the new refundable...