UPDATE: SECURE Act could be passed into law by week’s end

the SBA TeamPress

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 is a bipartisan bill designed to help Americans build their retirement savings. If it becomes law, the bill will have far-reaching impacts on retirement plan design and execution for plan sponsors, as detailed in our April press release.

Initially passed by the House in June, the SECURE Act faced major delays on the Senate floor in the second half of the year. In our last update, we conjectured that it would be signed into law in 2019 only if it got tacked on to a year-end spending bill — and that’s just what happened on Tuesday. Now poised to pass the Senate, the SECURE Act — as part of Congress’s omnibus spending bill — could be inked by the President as soon as week’s end.

The SECURE Act represents the most significant retirement legislation in more than a decade. Small businesses and large employers alike will feel its effects. For more information, read our summary of the SECURE Act’s provisions or reach out to your SBA consultant.