On December 20, 2019, The Setting Every Community Up for Retirement Enhancement (SECURE) Act became law, affecting key components of retirement savings. It represents the most significant retirement plan legislation in more than a decade. The table below provides a summary of The Act, including the effective date for several relevant provisions. This table contains three sections based on relevance to a typical plan. The first section discusses provisions that WILL impact your plan. The second section summarizes provisions that might impact your plan, depending on plan design. The final section provides insight into some of the additional, interesting provisions that likely will not impact your plan.
Please note that this table is not a comprehensive summary of the legislation and additional guidance on a number of these provisions is expected. The legislation also provides a deadline for executing any amendments that are necessary as a result of the legislation. The deadline is the last day of the 2022 plan year.
Should you have any questions about The SECURE Act and how it affects your company's plan, please contact a member of our team using the CONTACT US button below.
Investments are not insured by the FDIC or any government agency, provide no bank guarantee, are not a deposit and may lose value.