The SECURE Act: Changing the Retirement Plan Landscape
The Setting Every Community Up for Retirement Enhancement Act, better known as the SECURE Act, is the most significant piece of retirement plan legislation since the Pension Protection Act of 2006. The SECURE Act includes several changes to existing retirement plan rules that are designed to improve employees’ access to retirement plans and make it easier to save. While the bill was easily passed by the House in May 2019, it was considered dead until it was attached to a year-end spending package and signed into law by President Trump on December 20, 2019.
Plan sponsors should immediately start considering how the changes included in the SECURE Act could impact their defined contribution (DC) and defined benefit (DB) retirement plans. The following chart summarizes the provisions of the SECURE Act, highlights the effective dates and the types of plans affected, and provides a brief summary of the impact to retirement plan sponsors and participants.
Stay tuned to Cammack Retirement Group as we help navigate the impact of the SECURE Act for retirement plan sponsors and fiduciaries.
Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice. Opinions expressed are those of the author, and do not necessarily represent the opinions of Cammack Retirement Group.
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