On December 20th, 2019, one of the most significant pieces of retirement legislation in recent history was passed. The SECURE Act draws from a wide array of bipartisan bills and seeks to make it easier for businesses to offer retirement plans, and for individuals to save for retirement. The legislation was incorporated into Division O of the Further Consolidated Appropriations Act, 2020, approved by the House and Senate, and signed into law by the president.
While there are several areas that this new legislation impacts, how do benefit providers navigate these new provisions and determine the best way to improve their retirement plan benefit offerings?
This webinar will discuss the impact of the SECURE Act:
The ability for unrelated employers to join a pooled employer plan
Significantly increases the small employer pension plan startup tax credit up to $5,000
Gives business owners more flexibility to help guide their decision-making
Simplifies the 401(k) safe harbor rules
Expands portability of lifetime income options
Allows long-term, part-time workers to participate in 401(k) plans
Allows plans adopting by the filing due date to be treated as in-effect as of the
close of the year
Provides a fiduciary safe harbor for selection of a lifetime income provider
Modifies the treatment of custodial accounts on termination of 403(b) plans
Extends the current required minimum distribution requirements to age 72
Requires disclosures regarding lifetime income
Modifies the nondiscrimination rules to protect longer-service participants
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