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Description
The midterm elections brought some surprises, but significant new tax legislation changes went relatively unnoticed by the media. Don't be fooled. The Pension and Protection Act of 2006 (PPA) brings sweeping reforms to our retirement system. The intent is to protect employee benefits and boost retirement saving.
Here's what you need to know:
* Increased Retirement Account Contributions in 2007--See the accompanying table.
* 529 Plan Tax Treatment--Repeal of the sunset provisions set to take place in 2010.... |
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