UHY Advisors: Congress Approves Overhaul of Retirement Benefits

23 December, 2019   -   By Luisa Almazan

This post is also available in: Français (French)

The House passed a bill earlier this week with sweeping changes related to retirement plans that will impact many Americans.

Some of the changes include:

  • Allowing employers to include annuities as an investment selection for their employer 401K plans 
  • No longer allowing an individual who inherits a pension or IRA from a decedent to “Stretch” the required minimum distributions over their lifetime. Instead, the withdrawals would have to be withdrawn over a 10-year period. This would apply to inherited amounts after Dec. 31, 2019.
  • The new law would allow the employer who automatically enrols their workers in certain 401K plans to allow them to raise the employee savings rate to 15% of annual earnings over time. This is an increase in the current rule which was up to 10%.
  • Allows individuals who are still receiving a W-2 to continue to make IRA contributions even after age 70 ½. The bill also increases the required starting age for beginning withdrawals from retirement accounts to 72 vs. 70 ½. This would also apply to those who turn 70 ½ after Jan. 1, 2020. 

Since the bill is part of a $1.4 trillion proposal to keep the government operating through September, it is expected to be passed in the Senate and onto the President for signing most likely before the end of the year. 


For more information: click here 

UHY Victor Response to the Spread of COVID-19

UHY Victor is taking action to maintain the health and welfare of our team, our clients and support communal efforts to respond to the coronavirus pandemic.

UHY Victor will remain open during this difficult period and client services will continue. We have implemented contingency plans which allow us to continue to operate as we all deal with the spreading pandemic.

In light of the present situation we have introduced the following measures:

  • Our staff and procedures have been structured so that our team can work remotely.
  • Our IT infrastructure and data are protected by cutting edge security systems.
  • To the extent possible, client meetings will be held through web meetings and other remote solutions.
  • Employees who experience the primary symptoms such as fever, cough and respiratory difficulties will work remotely until cleared.
  • Internally, we emphasize the importance of “social distancing”, and have enhanced our internal cleaning and disinfecting protocols.

UHY Victor will continue to monitor the changing situation and, will respond proactively as this major health challenge evolves.

We encourage all to stay informed and to visit the Public Health Agency of Canada COVID-19 site, and follow the guidelines set out by the government of Canada:

  • Now and always during cold and flu season, stay home if you are sick. Encourage those you know are sick to stay home until they no longer have symptoms.
  • Since respiratory viruses, such as the one that causes COVID-19, are spread through contact, change how you greet one another. Instead of a handshake, a kiss or a hug, a friendly wave or elbow bump is less likely to expose you to respiratory viruses.
  • Practice frequent hand hygiene and coughing and sneezing etiquette. Clean and disinfect frequently touched objects and surfaces, such as toys and door handles.

For more information on the guidelines of the Government of Canada on how to be prepared for COVID-19: Click here.

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