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Articles by Michael A. Curto
The CARES Act of 2020: Key COVID-19 Relief Provisions Impacting Your Employer-Sponsored Benefit Plans (US)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, enacted and sent to the President for his signature on March 27, 2020, is bipartisan legislation providing more than US$2 trillion in relief for both companies and families affected by the coronavirus disease 2019 (COVID-19) pandemic. It includes a number of provisions designed to help employers and employees contend with a scaled-back workforce and other economic fallout.
Congress Secures Legislation Aimed At Improving Retirement Savings
To print this article, all you need is to be registered or login on Mondaq.com. On December 20, 2019, President Trump signed into law H.R. 1865, Further Consolidated Appropriations Act, 2020. Among its various provisions, H.R. 1865 includes the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) as Division O.
Retirement Savings Reform – a focus for the Trump Administration and Congress
Monday, December 17, 2018 On August 31, 2018, President Trump issued an Executive Order directing the Department of Labor (DOL) and Treasury Department to take action to “promote retirement security for America’s workers” by, among other things, expanding access to Multiple Employer Plans (MEPs).
U.S. tax reform - retirement plan provisions finalized
The tax reform bill is done. President Trump signed the bill on December 22, meeting his deadline for completion by Christmas. While there is much to be said about the Tax Cuts and Jobs Act (the “Act”), the update on the retirement plan provisions is relatively unexciting. Recall that when the tax reform process started, there was a lot of buzz about “Rothification” and other reductions to the tax advantages of retirement savings plans.
US Tax Reform Retirement Plan Differences
Now that the House of Representatives and the Senate have passed their own versions of H.R. 1, the Tax Cuts and Jobs Act, a tug-of-war on a compromise that both bodies can pass is in full force. Congress is following the normal legislative process by setting up a Conference Committee to reconcile the differences between the two competing bills – as each chamber must pass identical bills before it can go to the President for his signature.
Senate Finance Committee Retirement Programs
Just as they appeared to survive round one of the House tax reform bill released last week, retirement savings programs, such as 401(k) plans and Individual Retirement Accounts, seem to emerge relatively unscathed from the Senate’s tax reform deliberations. Nonetheless, the Senate Finance Committee’s proposal does include a few changes to these programs. . Under current law, there is generally a single aggregate limit for elective deferrals to 401(k) and 403(b) plans.
US tax reform 401(k) plans Tax Cuts and Jobs Act
For the last few weeks, U.S. tax reform deliberations put 401(k) retirement plans on a roller coaster ride. Rumors abounded, including, for example, whether legislators would impose new contribution caps, or eliminate pre-tax contributions altogether. Legislators often have targeted the tax-advantaged status of retirement savings plans as a revenue raiser to pay for federal programs and competing tax breaks.
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