Hotly debated when introduced as a piece of standalone legislation earlier this year, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was ultimately signed into law Friday by President Trump as part of a year-end spending bill that will fund government agencies for the rest of the fiscal year.
The SECURE Act represents the most significant changes to employer-sponsored retirement plans in over a decade. Its provisions, designed to help Americans build their retirement savings, will affect the way defined contribution (DC) plans (such as 401(k)s) and defined benefit (DB) plans are administered in 2020 and beyond.
Our SECURE Act summary is a useful primer for understanding the law’s provisions, most of which go into effect January 1. Our team of experienced benefits advisors also offers customized consulting services to help plan sponsors achieve SECURE ACT compliance, so don’t hesitate to get in touch.