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On December 20, 2019, the SECURE Act (Setting Every Community up for Retirement Enhancement Act of 2019) was signed into law. This is the most touted retirement plan legislation since the Pension Protection Act over a decade ago.
The new rules are designed to help plan sponsors improve their retirement plan designs. This includes expanding employee coverage and encouraging the adoption of retirement income products.
ERISA litigation continues to be of concern to plan sponsors and we have seen new types of claims raised including in the area of cyber security. ERISA litigation is also on the Supreme Court’s 2019-2020 term agenda, including on participant disclosures.