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05/08/2020 -
Stay Tuned – DOL to Issue RFI on Pooled Employer Plans , ML BeneBits
While much of the attention by regulators has been focused on the coronavirus (COVID-19) response and CARES Act/FFCRA guidance, they have not forgotten about the SECURE Act’s introduction of pooled employer plans (PEPs) (centrally administered defined contribution plans that can be joined by multiple unrelated employers).
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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.
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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.
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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.
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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.
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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.
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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.
