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Setting Every Community Up for Retirement Enhancement Act (SECURE Act)
Practical Law Glossary Item w-023-5822 (Approx. 3 pages)
Glossary
Setting Every Community Up for Retirement Enhancement Act (SECURE Act)
A federal law enacted in December 2019 that changed certain laws governing retirement plans to expand retirement plan access (Division O of the Further Consolidated Appropriations Act, 2020 (Pub. L. No. 116-94 (Dec. 20, 2019))). Topics addressed by the SECURE Act include:
- Expanded access to multiple employer plans (MEPs).
- Automatic enrollment rules for 401(k) plans.
- Credits for small employer plans.
- An increase in age for the required beginning date for required minimum distributions.
- Lifetime income provisions for defined contribution plans.
- Retirement plan administration.
- Nondiscrimination, coverage, and minimum participation relief for frozen plans.
For more information on the SECURE Act, see Legal Update, Government Funding Legislation Includes the SECURE Act, Which Changes Retirement Plan Requirements and SECURE Act Compliance Dates Chart.