Action Items

The Setting Every Community Up for Retirement Enhancement Act of 2019, or “SECURE Act,” — the most wide-ranging retirement plan reforms in more than a decade — was signed into law on December 20, 2019. Plan sponsors should take the following actions immediately:

  • Review our In-Depth: 2019 SECURE Act Provisions.
  • Mandatory Provisions: Plans and related documents must be updated to implement, paying close attention to effective dates.
  • Optional Provisions: If implemented, plans and related documents will need to be reviewed and updated.

Mandatory Provisions

Click here to review each provision in more detail, including mandatory and optional changes: 2019-secure-act-provisions

Effective for 2020. The following provisions of the SECURE Act are generally effective for plan years beginning after December 31, 2019.

  • Required Minimum Distributions
  • Post-Death Distributions
  • Increased Penalties
  • No Credit Cards for Plan Loans

Future Effective Dates. The following mandatory provisions will become effective on future dates:

  • Part-Time Employee Participation
  • Annual Annuity Statements

Optional Provisions

The following optional provisions of the SECURE Act become effective at various times. Plan sponsors should consider whether any optional provision could be beneficial to a retirement plan.

  • Safe Harbor 401(k) plan
  • In-Service Withdrawals – Defined Contribution Plans
  • In-Service Withdrawals – Defined Benefit Plans
  • Contributions to IRAs After Age 70 ½
  • Small Employer Tax Credits
  • Expanded Access to Multiple Employer Plans

We Can Help You

Our Compensation & Employment Group attorneys would be pleased to discuss with you any of the above provisions of the SECURE Act.

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