F207 Fall 2024 SECURE ACT: Inherited IRA and 401(k) Rules Explained

F207 SECURE ACT: Inherited IRA and 401(k) Rules Explained
Tuesday, 11:50—1:15, Oct. 15
One session
Instructors: Michelle Washington, Kristian Sheils
Inherited individual retirement accounts (IRAs) have long been a method to allow non-spousal beneficiaries to inherit an IRA account and let the account continue to grow on a tax-deferred basis over time. Rules surrounding IRAs and 401(k) plans have changed throughout the years. In December of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law as part of two end-of-year spending bills. This eliminated the rules that had permitted the stretch IRA strategy for sheltering distributions from IRA accounts for any non-spouse who inherits a retirement account from someone who died after Dec. 31, 2019.
Michelle Washington is unit supervisor and insurance sales representative with Bankers Life and Casualty Company, as well as a financial advisor with Bankers Life Securities, Inc. and Bankers Life Advisory Services, Inc. Michelle has over 17 years of industry experience. Kristian Sheils is an insurance sales representative with Bankers Life and Casualty Company and an investment sales assistant with Bankers Life Securities, Inc. and Bankers Life Advisory Services, Inc. Kristian has over eight years of experience in the industry