Archived Insight | 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.

Get the Publication

Download Now

Questions about compliance news? Let's talk.

Get in touch and one of our professionals will be happy to talk to you about this or any other item of compliance news.

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.

Read more compliance news

Female Doctor Assists Young Asthmatic Girl

Executive Order Creates Health Commission

The initial target of the executive order will focus on addressing childhood chronic diseases, including mental healthcare.

Health, Compliance, Multiemployer Plans, Public Sector, Healthcare Industry, Higher Education, Architecture Engineering & Construction, Corporate

Read Full Insight

Pharmacist Helping Customer With Prescription Medicine

CMS Proposes Simplified Creditable Coverage Determination

CMS's proposed update to the Rx coverage determination method may require health plans to take a fresh look at their prescription drug benefits.

Health, Compliance, Multiemployer Plans, Public Sector, Healthcare Industry, Higher Education, Architecture Engineering & Construction, Corporate

Read Full Insight

Two Firemen Charge A Residential Structural Fire With A Broad Spray Of Water From Hose

How Retirement Plans Can Help LA-Area Wildfire Victims

Retirement plan sponsors can make special distributions available to participants under the law given the recent disaster declaration.

Multiemployer Plans, Public Sector, Healthcare Industry, Higher Education, Architecture Engineering & Construction, Corporate, Retirement, Compliance

Read Full Insight

This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.