From Struggles to Strategies
Moderated by:
Natisha G. Matthews, Esq.
Westchester Black Bar Association, Inc., Board of Directors
Thank you to our diverse panel and wonderful moderator for their points of view on issues pertaining to race, policing, and reform in our community.
Please relive the discussion viewing the video below.
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Session Panelists
Hon. Andre Rainey
MayorPeekskill, NY
Andre Early
CommissionerGreenburgh's Department of Community Resources at the Theodore D. Young Community Center
Tamika A. Coverdale, Esq.
Region ChiefLegal Aid Society of Westchester County
Malcolm Solan
Youth AdvocateNRWP Kappa League Mentoring Program
Hon. Shawyn Patterson Howard
MayorCity of Mount Vernon, NY
David Zenon
Police OfficerGreenburgh Police Department, Community Affairs Unit
This presentation will go through all of the retirement plan provisions of the CARES Act, including the following:
- Identifying Coronavirus-Affected Individuals
- Coronavirus-related Distributions
- Plan Loans To Coronavirus-Affected Individuals
- Increase in loan amount
- Repayment delay
- 2020 RMD Waiver For Defined Contribution Plans and IRAs
- Minimum Funding Contribution Delay
- Benefit Restrictions Under Defined Benefit Plans
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The CARES Act also includes the Paycheck Protection Program (PPP). The PPP has provided a lifeline for many small businesses, but its implementation has been chaotic, with constantly changing guidance coming down from governmental regulators. This presentation will go through the basics of the PPP and bring you up to the minute on all the latest guidance. We will also provide you with our unique perspective on how retirement plan contributions can be used to maximize PPP loan forgiveness.
Finally, although it may seem a lifetime ago, the SECURE Act was enacted at the end of 2019, bringing generational change to the laws governing qualified retirement plans. Topics to be covered will include:
- Increase in Age for Required Minimum Distributions to Age 72
- Elimination of Stretch Payouts
- Extension of Deadline for Adopting New Retirement Plan
- Safe Harbor 401(k) Plan Changes
- Retirement Plan Tax Credits
- 401(k) Elective Deferral Eligibility for Long-Term Part-Time Employees