812 Huron Road, Suite 601
Cleveland, OH 44115
T: (216) 912-5970
F: (216) 912-5977
Integrated Retirement Plan Solutions, LLC
To provide for the financial well being of our customer owners and their employees through the use of advanced design and administration of individually-designed, qualified retirement plans for closely held businesses.
The SECURE Act and CARES Act
The Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) was passed by Congress at the tail-end of 2019. The Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed by Congress in March of 2020 in response to the Coronavirus Pandemic. These two separate pieces of legislation are the most significant laws passed in recent memory impacting the retirement planning industry.
One of the major changes included in the SECURE Act increased the Required Minimum Distribution (“RMD”) age from 70½ to 72 for individuals who attain age 70½ after 2019. The CARES Act expanded on this and included a waiver of any 2020 RMDs. This waiver extends to any RMD distributions taken in 2020 including grace period distributions of 2019 first-time RMDs. Of note, the currently proposed SECURE Act 2.0 may even extend the RMD age to 75.
If you have any questions about these changes or any other issues related to qualified retirement plans, please do not hesitate to contact us.
Integrated Retirement Plan Solutions focuses on the design, implementation and maintenance of qualified retirement plans that are individually-tailored for closely-held businesses and provides complete consultation and actuarial services for these plans within one integrated company.
Meet our team of attorneys, actuaries, consultants and professionals who are here to aid you in achieving your retirement planning goals.
Our qualified retirement plans are individually-designed to provide the maximum efficiency possible and reflect the desires and goals of closely held business owners.