The Setting Every Community Up for Retirement (SECURE) Act was signed into law in December 2019. The Act is the most substantive enhancement to the retirement system in over a decade. This legislation seeks to make it easier and more attractive for employers, especially small employers, to offer retirement plans, which in turn provides more Americans access to these important savings vehicles. The Act also has provisions to help employees increase their ability to save for retirement during their working years, as well as provisions to help ensure they do not outlive their savings in retirement.
For a quick review of the major provisions of the SECURE Act that will impact sponsors of defined contribution plans, please download our new fact sheet below.
Many of these provisions became effective for plan years after Dec. 31, 2019, except where noted. There are additional provisions that impact IRAs, defined benefit plans and other health and welfare benefits that are not included.
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