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.
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.
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.
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.
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.
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.
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.