SECURE Act Signed into Law

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on December 20, 2019. There are numerous changes that affect qualified retirement plans.

A brief summary of the new rules can be found at:

https://www.asppa.org/news/browse-topics/secure-act-signed-law

Most of the changes are very positive for plan sponsors and participants, including:

  • Larger tax credits for new plans,

  • Simplified rules for safe harbor plans,

  • An increase in the Required Beginning Date for certain distributions from age 70½ to 72, and

  • Additional time to adopt a new plan.

Some of the changes were designed as “revenue raisers” to offset the cost of the liberalization of other provisions. These are not so positive. They include the end of the “stretch IRA” and sharply increased penalties for late filing of certain pension-related forms. A summary of the increase in filing penalties can be found at:

https://www.asppa.org/news/browse-topics/instant-analysis-big-increase-penalties-late-plan-returns-notices

Please don’t hesitate to contact us if you have any questions or are curious about how these changes may affect your plan.

In memory of Denise Napolitano

On November 6, 2019, Preferred Pension Planning suffered the loss of our beloved bookkeeper, Denise Napolitano. Denise was 52 years old. Denise fought a long, hard battle with cancer. Along the way, she showed all of us how to be a leader, and how to handle adversity with dignity and grace.

Denise never had a bad word to say about anyone or anything. She had a positive way of looking at everything. If you described your problems to Denise, she quickly found the proverbial silver lining and made you feel better about whatever issues you were facing.

Even more remarkable was that Denise never complained about her own situation. Regardless of the monumental health issues she faced, Denise maintained a bright outlook and made light of her own problems. Her calm, logical, and cheerful personality was inspirational to everyone who knew her.

Denise was a brilliant bookkeeper, accountant, and tax preparer. More importantly, she was a wonderful mother, wife, colleague, and friend. She showed us all how to act in the face of seemingly unconquerable challenges; how to meet them head on, and how to remain optimistic regardless of the demands we have to face.

We are deeply saddened by the loss of a sweet, strong woman who was a role model to her family, friends, co-workers, and the community. It was a pleasure to have worked with Denise the past 12 years. She will be greatly missed.

Preferred Pension Planning Making Strides Against Breast Cancer

On October 26, 2019, employees and friends of Preferred Pension Planning participated in the American Cancer Society's "Making Strides Against Breast Cancer" event in Bethlehem, PA. We walked to support our colleague Denise Napolitano, who is fiercely battling this dreaded disease. Our team, "Denise's Destiny," raised more than three times our goal! We had perfect weather and it was a great day of camaraderie and positivity.