Secure Act Attached to Ominbus Spending Bill
It appears that the Omnibus Spending Bill will be signed into law by the end of the day. Along with the all the other hidden gems stuffed into different parts of this bill is the Secure Act.
The Secure Act is the first piece of major legislation impacting retirement planning for over a decade. Changes could include adjustments to IRA contributions, Required Minimum Distribution calculations, estate planning for qualified accounts and much more.
The exact details are unclear but as soon as the bill is past, our staff will be working to analyze the impact of the new legislation. Please keep in mind last minute changes can occur with this type of legislation. Let’s not get ahead of ourselves with respect to guessing what will and will not be included in the final version of the bill.
In the coming weeks, you will most likely be overwhelmed with information from many different sources about the Secure Act. There is nothing to be concerned about.
As soon as we get a clearer picture of the new rules and regulations, TFG will be reviewing all your plans to determine how it will impact you and what needs to be done.
Again until we see the final version of the bill, I believe it is prudent to wait before sharing too much more information.
Enjoy your holiday and we will pick this up after the new year.