HEART Act of 2008 - Part 1: Retirement Plan Issues

Congress passed the Heroes Earnings Assistance and Relief Tax (HEART) Act of 2008 in May, and the President signed the bill into law on June 17, 2008.  The HEART Act amends the Internal Revenue Code and the Social Security Act to provide certain tax benefits and incentives to military personnel.  Some of these amendments provide for elective or mandatory changes to employee benefit plans.  This asap will deal with the HEART Act's effect on benefits other than cafeteria plans.