IRA SECURE and CARES Act Summary

It has been a big year of changes for IRAs and Qualified Plans starting with the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) effective January 1, 2020 followed by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) signed into law on March 27, 2020. As a Director you are expected by your bank clients, friends and even relatives to keep up with all the changes and know all the answers. In reality, the IRS still does not have the answers to many of these new rules that were put into place.

Covered Topics:

This segment will give you an overview of the basic IRA provisions affected by these ongoing regulation changes as well as the ability to give factual information when questions are asked, including:

  • What are the good and bad changes implemented by the SECURE Act?
  • What does the RMD Waiver means to IRA clients and beneficiaries for 2020?
  • What notices and IRA forms need to be updated from a compliance standpoint?
  • CARES Act penalty-free IRA distributions and how to recoup taxes from the IRS when a repayment is made.