The “Setting Every Community Up for Retirement Enhancement Act” (aka the SECURE Act) became law on December 20, 2019, when President Trump signed Congress' year-end spending package. It has been
The “Setting Every Community Up for Retirement Enhancement Act” (aka the SECURE Act) became law on December 20, 2019, when President Trump signed Congress’ year-end spending package. It has been called the most comprehensive piece of retirement legislation in more than a decade and is primarily intended to increase access to private sector employer-sponsored retirement plans and provide other enhancements to retirement savings in the private sector.
However, there also are some significant provisions about which governmental plan sponsors and administrators must be aware, some of which could require legislative action. Given that 46 state legislatures will convene this year, and as of last week, almost half of them have already begun their legislative sessions, it is imperative NCTR’s member systems quickly understand what changes in their statutes and regulations – not to mention their educational materials – might need to be made. Importantly, there are operational changes which went into effect on January 1, 2020.
Leigh Snell, NCTR’s Director of Federal Relations, will be interviewing Audra Ferguson-Allen and Rob Gauss, both partners with Ice Miller LLP. They will explain key provisions of the SECURE Act which may affect defined benefit and defined contribution governmental plans, including:
• Modification to Required Minimum Distribution Rules
• Repeal of Maximum Age for Traditional IRA Contributions
• Plan Loans
• Portability of Lifetime Income Options
• Treatment of Custodial Accounts on Termination of Section 403(b) Plans
• Withdrawals for Individuals in the Case of Birth or Adoption
• Treatment of Difficulty of Care Payments as Compensation
• Fiduciary Safe Harbor for Selection of Lifetime Income Provider
• Changes to In-Service Distribution Rules
• Plan Amendment Deadlines
To learn about these changes, as well as ask your own questions about the impact of the new law, be sure to REGISTER for this important educational opportunity offered only to NCTR members.