Changes for Retirement Accounts and 529 Plans Under the SECURE Act

*Since the writing of this alert, there have been changes in the law as a result of the SECURE 2.0 Act of 2022, which was signed into law on December 29, 2022. Please see “Important Retirement Account Changes Under the SECURE 2.0 Act of 2022” for information about the SECURE 2.0 Act of 2022.

-----------------------------------------------------------------------------------------------------------------

The SECURE Act of 2019 (the "Act") has been signed into law and will go into effect on January 1, 2020. It has several income tax provisions that affect individual taxpayers. Although the Act amends several sections of the tax law, we want to give you information on two important areas that the Act affects, namely retirement accounts and 529 college savings plans.

Continue reading to learn about the:

• good news for retirement account owners;
• potentially bad news for non-spouse heirs to retirement account owners; and
• the expansion of permissible uses of 529 Plans.

To read the full advisory, please click here.