Summary
In this episode, the guests discuss the Secure Act 2.0 and its potential impact on public schools. They highlight the need for retirement planning in the education sector and the challenges faced by teachers relying solely on pension benefits. The Secure Act 2.0 aims to address these issues by providing opportunities for individuals to save more for retirement and offering additional benefits such as Roth provisions and student loan forgiveness. The legislation also includes provisions for in-service distributions and self-certification of hardships. The guests emphasize the importance of education and employer contributions in encouraging teachers to participate in retirement plans. The conversation discusses various provisions of the Secure Act 2.0 and their implications for retirement plans in the K-12 governmental space. The provisions include penalty-free withdrawals for FEMA declared disasters, Roth employer contributions, penalty-free withdrawals for personal family emergency expenses, elimination of required minimum distributions for Roth accounts, increase in age-based catch-up contributions, and concerns about fraud and misuse of funds. The importance of evaluating and educating employees on retirement plans is emphasized, as well as the potential for future legislation, such as Secure Act 3.0.
Takeaways
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