New Retirement Security Executive Order Could Improve Your Savings
President Trump recently signed an executive order that may provide relief for retirees and small businesses. Currently only about half of small businesses offer their employees retirement plans. One part of the new order instructs the government to support the implementation of multiple employer plans, or MEPs, which allow small employers to band together and pool resources to make it easier for them to offer 401(k) plans at reduced costs.
Further, the executive order also directs the Treasury Department to review the rules that demand retirees to start taking withdrawals from retirement assets such as IRAs and 401(k) plans at age 70 ½. This would allow added tax-deferred and asset appreciation opportunities.
As these issues relating to retirement assets and 401(k) plans continue to develop, Kelleher & Buckley, LLC will keep you apprised of changes in the law that may affect you. In the meantime, feel free to contact any of our 25+ attorneys at 847-382-9130 to discuss issues involving retirement planning for you and your business.