The HEART Act
The Heroes Earnings Assistance and Relief Tax Act of 2008 (The HEART Act) provides tax and pension benefits to Service members who are disabled while on active duty for more than 30 days and to their Survivors if they die on active duty.
The HEART Act requires employers and sponsors of qualified defined benefit and defined contribution plans, such as 403(b) arrangements, and section 457(b) education plans to treat Service members as being reemployed by the sponsor company for purposes of entitlement. The purpose of this is to provide Service members and their Survivors for benefits they may not otherwise have been entitled for.
The benefits of the HEART Act depend on the specific benefits of the employer's plan documents and may include:
Accelerated vesting in retirement plans
Additional life insurance benefits
Survivor benefits, such as investment of Death Gratuity and Servicemembers Group Life Insurance (SGLI) payments into Roth IRAs and Coverdell education savings accounts without ordinary limitations
WASHINGTON, July 23, 2021 - The Department of Veterans Affairs is offering a new COVID-19 Refund Modification option to assist Veterans who require a significant reduction in their monthly mortgage payments because of the COVID-19 pandemic.
Falls Church, VA, July 23, 2021 - The Food and Drug Administration (FDA) has directed Philips Respironics to recall millions of sleep and respiratory devices following concerns that foam in the devices, which is used to reduce sound and vibration, may break into particles and enter the air hose of the device and be inhaled by the user. In response, the Military Health System (MHS) has notified all TRICARE-authorized durable medical equipment providers of the recall. And it’s asking prescribing physicians to help notify patients of the recall and determine if they were issued a medical device on the Philips recall list.