The SECURE Act that would reopen the idea of open multiple employer plans (MEPs) might be passed by the Senate in the final week of the year. In addition to bringing back Open MEPs, it could offer a lot of change when it comes to taxing individual retirement accounts (IRAs).
Since the SECURE Act is attached to a spending bill, expect it to be signed into law if passed, Any changes to MEPs won’t take effect until late least 2021, but the IRA taxation changes will take effect in 2020.
