Enter to open, tab to navigate, enter to select
SECURE Act Provisions Affecting Retirement Plans Toolkit
Practical Law Toolkit w-033-4121 (Approx. 7 pages)
SECURE Act Provisions Affecting Retirement Plans Toolkit
by Practical Law Employee Benefits & Executive Compensation
| Maintained • USA (National/Federal) |
Resources to assist retirement plan practitioners and plan fiduciaries with compliance with the Setting Every Community Up for Retirement Enhancement (SECURE) Act.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which is part of the Further Consolidated Appropriations Act, 2020, was enacted on December 20, 2019, and has numerous provisions changing the laws governing qualified retirement plans.
The SECURE Act makes many changes to the laws governing retirement plans, including:
- Encouraging employer provided retirement plans, including pooled employer plans.
- Changes to the automatic enrollment rules for 401(k) plans.
- Increasing the age for a participant's required beginning date and changing the required distribution rules for designated beneficiaries.
- Changes to the lifetime income provisions for defined contribution plans, including:
- increased portability of lifetime income options;
- disclosures regarding lifetime income; and
- a fiduciary safe harbor for selection of lifetime income providers.
- Changes to retirement plan administration, including combined annual reports for a group of plans and increases in penalties for failure to file retirement plan returns.
- Nondiscrimination, coverage, and minimum participation relief for frozen plans.
On December 29, 2022, the Consolidated Appropriations Act, 2023 was signed into law (see Legal Update, SECURE 2.0 Act Makes Comprehensive Changes to Retirement Plans). Title T of the Act, known as the SECURE 2.0 Act of 2022 (SECURE 2.0) makes many changes to the law governing retirement plans, including laws affected by the SECURE Act. Resources on SECURE 2.0 will be located in a separate toolkit.
The Toolkit provides links to several continuously maintained resources designed to help retirement plan sponsors, fiduciaries, and practitioners comply with the SECURE Act.