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
Falls Church, VA, December 2, 2021 - Are you wondering if you’re eligible for a COVID-19 booster shot? The answer is yes, if you’re age 18 or older. The Centers for Disease Control and Prevention (CDC) recently expanded eligibility for COVID-19 vaccine booster shots as further described below.
Falls Church, VA, December 2, 2021 - More than 1,000 young babies die in their sleep every year in America due to Sudden Infant Death Syndrome, also known as SIDS.It’s a terrifying thought for parents – the unexplained death of a seemingly healthy child less than a year old. The exact cause of SIDS remains unclear; doctors have been unable to fully explain the cause despite years of research