Compliance News | March 4, 2020

What Plan Sponsors May Need to Change For SECURE Act

Retirement plan sponsors will need to consider the many changes included in the Setting Every Community Up for Retirement Enhancement Act (SECURE Act or Act). The Act, which is the first comprehensive pension legislation passed by Congress in more than a decade, is intended to expand and preserve retirement savings and simplify plan administration.

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Know what you need to change and when

Some of the SECURE Act changes require immediate attention from plan sponsors, including the minimum required distribution age increase to 72, new 10-year limit on death benefit distributions, available distributions following births and adoptions, and clarifications on plan credit card loans.

Many of the SECURE Act provisions are effective January 1, 2020. However, other deadlines apply depending on the change. Plans have until 2022 (2024 for collectively bargained and governmental plans) to make necessary plan document amendments so long as they comply with the Act’s provisions. [Section 601]

This Update summarizes highlights of the most significant changes for retirement plans.

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