"Retirement Plan Changes"
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pension plansJW Player
•Business
Business & Economics
6 Key Retirement Changes Under SECURE 2.0 Act
70% Informative
Richard Kaplan , the Raymond Jones Chair in Law at the University of Illinois College of Law , explains the six major changes enacted by the secure 2 dot O Act of 2022 that retirement plan participants need to know about.
Kaplan: The new contribution limits for 60 year old employees are not yet in effect.
Longevity annuities have been around for quite a while, but there was never any statutory provision.
Bob Greene says charitable gift annuities are not just for the wealthy.
He says the most that people can put in is limited to $ 53,000 this year .
Greene: Most of the universities that I've looked at there, you have a minimum of 10,000 and even Harvard , which is probably the priciest, they will do an annuity for only 25,000 . So 53,000 is well beyond what most places require as a minimum, Greene says.
There is now a new provision that allows folks to take those unused funds and do what with them.
This has to be a qualified policy as that term is used and that's almost always a stand alone policy.
There is a dollar cap of no more than $2500 and typically hybrid policies are multiples of that.
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