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Page 16 THE REVERE ADVOCATE – Friday, January 3, 2020 THE SECURE ACT C ongress enacted The SECURE ACT (Setting Every Community Up for Retirement Enhancement) on December 20, 2019. The SECURE ACT pushes out the required beginning date to take required minimum distributions from your IRA account or 401(k) account from April 1st following the year in which you reach age 70 ½ to April 1st BEACH CITY | FROM PAGE 11 said that in the coming months, statistics would be compiled into a formal report and sent to the state, which would help Revere to justify its request for additional financial support. The commission would track changes in short-term rental activity and calls for police and fire service as well as any increase in activity at local pawn shops and other secondhand dealers. It all revolves around the fact that Revere doesn’t have a surrounding community agreement in place with Wynn Resorts, despite sharing a border with Everett, it isn’t considered a surrounding community. “We want residents to know that we have their back,” Arrigo said. “I can’t control what happens in another city, but I can control what happens here.” Athletics to switch back to Greater Boston League Effective July 1, the Revere Public Schools sports teams departed the Northeastern Conference and returned to the Greater Boston League. Regional principals voted 11-1 to make the reversal. According to Athletic Director Frank Shea, four schools of similar size and competitiveness were voted out of the Northeastern Conference, which contributed to making the reversal. “We don’t have any ill feelings against the Northeastern Conference,” Shea said. “It’s been a great 14 years.” Row Row Row winners share team names, race times and inspiration August saw the Third Annual Row Row Row in Revere Our Race for Autism Awareness, featuring 40 teams – 12 more teams than last year. Proceeds lowing the year in which you reach age 72. Non 5% owners still working do not have to take distributions from their 401(k) plan even if he or she has reached the age of 72. With the passage of the SECURE ACT, IRA contributions are now permitted by taxpayers who have reached age 70 ½. Under the old rule, even though many taxpayers were still gainfully employed at age 70 1/2, the law prohibited them from contributing to an IRA account. You still need earned income in order to contribute to an IRA. Part time workers are now elfoligible to participate in their employer’s 401(k) plan so long as they have worked at least 500 hours per year for at least 3 consecutive years and have attained the age of 21 at the end of that 3- year period. For the first time, if a taxpayer either had a new baby during the tax year or is adopting a child, the 401(k) participant or IRA owner is now allowed to withdraw up to $5,000 within one year following the birth or adoption of a child without paying any 10% early withdrawal penalty for not being age 59 ½. Income taxes would of course still be due on the withdrawal. There has also been a change duck hunting radius. A Home Rule Petition, which mimics a bill that State Representative RoseLee Vincent (D-Revere) filed, would prevent the discharge of firearms for hunting purposes less than 1,500 yards seaward from the shoreline at Revere Beach or Point of Pines. “Picture walking along America’s First Public Beach on a brisk sunny morning anytime between mid-November to lateJanuary, and all of a sudden, you hear ‘Pop, Pop, Pop,’ the sound of gunshots,” Vincent said. “Or that you are a child waiting for the school in the Point of Pines neighborhood of Revere and you begin hearing gunshots.” Amazon In October, Mayor Brian ArAnthony D’Ambrosio from the event went to building two sensory walks at the A.C. Whelan Elementary School and funding events for the Special Education Parent Advisory Council. This year, the route ran from the Point of Pines Yacht Club to the North Shore Marina and back to the Yacht Club. Opening of Community Center marks new era Recreational opportunities for every Revere resident took a giant leap forward on Sept. 21 when Mayor Brian Arrigo cut the ribbon to open the city’s new Community Center at the Garfield School. The Center’s activities include swimming, English for speakers of other languages, Arabic classes, therapeutic sessions, music lessons, sports clinics and basketball. Council approves duck hunting bill On Oct. 7, the City Council unanimously approved special legislation to help establish a rigo announced that Amazon would open a delivery station at the site previously occupied by the 830,000-square-foot Necco candy company at 135 American Legion Hwy. The building would be leased from property owners Atlantic Management and VMD Companies. “This is a leap into Revere’s future as a strong, modernized and prosperous city,” Arrigo said. “Amazon’s investment in our community will invigorate the local economy and promote Revere as a place where prominent, innovation-driven businesses are welcome and can thrive.” Arrigo was also the driving force behind zoning legislation that restricted the property’s use to advanced commercial activity, including technology warehousing and e-commerce. The building became vacant in September of 2018, when Necco abruptly ended operations after 15 years at the location. “The Mayor’s Office, his Economic Development staff and the City Council, particularly to the required minimum distribution rules with respect to designated beneficiaries other than a spouse, a minor beneficiary, a disabled or chronically ill beneficiary, beneficiaries with special needs or a beneficiary within ten years of age of the IRA owner. Under the SECURE ACT, with respect to 401(k) and IRA account owners who die after 12-31-19, a designated beneficiary must now withdraw the entire account balance no later than 10 years after the death of the account owner. This effectively eliminates the “stretch” IRA planning tool which would allow beneficiaries to stretch out the distributions over Ward Councilor John Powers, who was adamant about keeping the Necco site as commercial property, were essential in working with Amazon and bringing assurances that Revere would be a long-term home for the company and its employees,” said Atlantic Management CEO Joseph Zink. “Mayor Arrigo was hyper-focused on increasing employment with smart economic growth policies. This is a big win for Revere and the region,” said VMD Companies Managing Director James L. Vitas II. When the new delivery station opens its doors, Amazon will become Revere’s largest employer and generate a significant increase in commercial tax revenue for the city. Amazon’s arrival also positions the Arrigo Administration to intensify its pursuit of improved regional transportation opportunities, such as a commuter rail stop at nearby Wonderland Station on the MBTA’s Blue Line. Fire destroys local iconic restaurant Often called “the real City Hall,” the Bagel Bin Deli, a popular restaurant along Shirley Avenue, was destroyed by a four-alarm fire on Oct. 15. General Manager Hansi Vlladesi thought it was all a nightmare as he was dozing off to sleep when he received the news that his family restaurant was on fire. “It’s our life,” Vlladesi said. “It was a surreal feeling and we’re still digesting everything.” Yale grad tops School Committee race Anthony D’Ambrosio, a 23-year-old graduate of Yale University, received more than 5,300 votes in the Nov. 5 General Election. “I would love to thank my his or her life expectancy. This is a huge change as a 35 year- old son or daughter inheriting an IRA from a parent under the old law would have over 50 years to withdraw the balance of the 401(k) or IRA account. That would have reduced the annual required minimum distribution substantially. On a $500,000 IRA, instead of withdrawing $10,000 per year in taxable income, the son or daughter would now have to withdraw $50,000 per year in taxable income. The SECURE ACT also applies to Roth IRA’s. There will much more to come following the passage of THE SECURE ACT. mother, father and girlfriend for supporting me, as I’ve probably driven them crazy over the course of the past few months,” D’Ambrosio said. “I would also like to thank each member of my incredible team.” Rizzo says farewell to City Council...for now Councillor-at-Large Daniel Rizzo said goodbye to his City Council colleagues on Nov. 18 and congratulated everyone who ran for office, regardless of whether or not they were successful. He thanked voters for giving him 14 years on the council and for his colleagues’ working relationships over the years. “I know that my years were spent here just to make Revere a place we can all be proud of, and make sure each neighborhood is adequately represented,” Rizzo said. “I want people to know that I worked as hard as I can to make that happen.” Suffolk Downs redevelopment passed by City Council On Nov. 26, the City Council, in a 10-1 vote, granted a special permit for the Suffolk Downs site, a multiphase, mixed-use, 161-acre development on William F. McClellan Highway. According to Thomas O’Brien, managing director of The HYM Investment Group, the site would feature 2.4 million square feet of office/lab space, which would provide up to 15,000 fulltime jobs. It would also include a 35,000-square-foot Innovation Center and 250,000 square feet of ground floor retail space. Hotel buildings would occupy 130,000 square feet; residential buildings would make up 2.8 million square feet, including 288 units of senior housing. An outBEACH CITY | SEE PAGE 22

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