Life and Annuity Players Prepare to Pop Secure Act Champagne Bottle Corks
December 23, 2019 by Allison Bell
The spending bill will give the federal government the spending capacity it needs to keep from shutting down.
For life, health and annuity professionals, and their clients, provisions built into the package will also:
- Acknowledge that Congress was never going to let the 40% Affordable Care Act Cadillac plan tax on high-cost health benefits packages take effect, and permanently repeal the tax.
- Acknowledge that Congress hated the ACA health insurer tax, and permanently repeal that.
- Make the “Setting Every Community Up for Retirement Enhancement Act of 2019″ (Secure Act) bill law.
For financial professionals, the implications are that the Secure Act could make the small-group retirement plan market much more attractive, by adding tax credits that sharply reduce what small employers have to pay to set up and administer retirement plans.