The Setting Every Community Up for Retirement Enhancement (SECURE) Act Is Finally Law

Following years of Congressional deliberation, the SECURE Act was enacted and signed into law in December of 2019. When viewed individually, the numerous provisions of the SECURE Act may not appear to be that significant. But, when viewed through the key policy considerations addressed by the Act, this legislation may make the most comprehensive changes to the rules governing retirement since the Pension Protection Act of 2006.

Howard Pianko and Linda J. Haynes are members of Seyfarth Shaw LLP’s Employee Benefits Practice. In this One-Hour Briefing, Howard and Linda will focus on the key changes made by the SECURE Act to facilitate broader retirement coverage, as well as aligning flow of retirement income consistent with increased longevity. The SECURE Act changes include:

• Rules focused on lifetime income under individual account plans
• Facilitating multiple employer plans (a/k/a pooled employer plans)
• New required minimum distribution rules (RMDs)
• Penalty-free withdrawals for birth and adoption distributions
• Special non-discrimination rules for 401(k) plans that allow long-term, part-time employees to participate

The Briefing also will explain when these changes are effective and when action may be required.