Morgan Lewis

SECURE Act: Updates and Developments

The SECURE Act, which was signed into law on December 20, 2019, is the most impactful retirement plan legislation since the Pension Protection Act of 2006. The SECURE Act—Setting Every Community Up for Retirement Enhancement—is intended to advance the goals of increased access to defined contribution plans, promote lifetime income options, and facilitate retirement plan design and administration. All employers who offer retirement benefits to their employees will be affected by the SECURE Act to some degree.

Visit this page for the latest updates and developments as the SECURE Act is implemented and regulations and other interpretative guidance are issued.

Publications

  • 02/26/2020 - The SECURE Act: Considerations for Employers, BenefitsPRO

    Morgan Lewis partner Lisa Barton authored a BenefitsPRO article about what employers need to know about the SECURE Act. In the article, Lisa discussed changes to 401(K) eligibility, lifetime income options in defined contribution plans, and plan distribution rules.

  • 02/21/2020 - SECURE Act May Pave Way to More Lifetime Income Opportunities in Defined Contribution Plans, ML BeneBits

    Ever since defined contribution plans have come to dominate the retirement plan landscape, both plan sponsors and policymakers have grappled with how to help employees take a lifetime’s worth of savings and convert it into a sustainable source of retirement income. One way to help participants meet retirement income needs is to integrate guaranteed income products into defined contribution plan lineups. Fiduciaries have expressed concern, however, about potential liability they may face for the selection of annuity providers. The SECURE Act, signed into law by President Donald Trump on December 20, 2019, may help allay those concerns.

  • 02/05/2020 - SECURE Act Provides RMD Statement Relief for IRA Providers

    In Notice 2020-06 the Internal Revenue Service (IRS) provides helpful relief for IRA providers that were unable to cancel the required minimum distribution (RMD) statements they had set to go out to IRA owners turning age 70½ in 2020. Due to changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), there are no RMDs for 2020 for this group of IRA owners. The SECURE Act made other significant changes to IRAs, as discussed in our previous LawFlash in greater detail.

  • 01/08/2020 - The Good News and Really Bad News for IRA Owners Under the SECURE Act – Next Steps for IRA Providers

    The recently enacted Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) makes significant changes to individual retirement accounts and individual retirement annuities (IRAs). These important changes generally start in 2020 and touch just about every IRA provider and IRA owner. These changes will have significant effects on retirement, estate, and tax plans that use IRAs.

  • 12/26/2019 - SECURE Act Increases Access to Retirement Plans with 'Pooled Employer Plans'

    For more than seven years now, policymakers and taxpayers have clamored for Congress to change the law to permit “open” multiple employer plans (MEPs) – that is, retirement plans that are adopted by multiple unrelated employers (including employers with no nexus or common association) and may be sponsored and administered by an employer plan sponsor or by an unrelated firm.

  • 12/23/2019 - SECURE Retirement Legislation Becomes Law: Overview of Provisions Affecting Retirement Plans

    The SECURE Act—the most impactful retirement plan legislation since the Pension Protection Act of 2006—was included in the bipartisan spending bill signed by US President Donald Trump on December 20, 2019. The SECURE Act will advance the goals of increasing access to defined contribution plans, promoting lifetime income options, and facilitating retirement plan design and administration.

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Events and Recordings

  • 02/04/2020 - SECURE Act: Pooled Employer Plans - An Introduction

    Join us for a timely review of the provisions of the recently enacted SECURE Act permitting the formation of “pooled employer plans,” a new form of multiple employer plan that offers more flexibility than under prior law.

  • 01/23/2020 - Reviewing the SECURE Act

    Join Morgan Lewis and Fiduciary Investment Advisors for a timely review of the SECURE Act—the most impactful retirement plan legislation in the United States since the Pension Protection Act of 2006—signed into law on December 20, 2019.

News