Insights


The SECURE Act Has Passed! Now What?


Melissa Kahn
Retirement Public Policy Strategist

Theme Spotlighted Provision Effective Date
Extending Retirement Plan Access 1. Authorized Open MEPs and Repealing the "One Bad Apple" Rule January 1, 2021 or plan years beginning after 2020*
  2. Encouraging Small Employers to Adopt Plans and Auto Enrollment by Providing Tax Credits  January 1, 2020
or tax years beginning after 2019
  3.  Establishing Long-Term Part-Time Worker Status January 1, 2021 or plan years beginning after 2020
First contributions by part-time workers to be made in 2024
Increasing Savings Contributions 4.  Propelling Savings by Increasing the Limit on Automatic Escalation from 10% to 15% January 1, 2020
or plan years beginning after 2019
  5.  Allowing  Contributions to a Traditional IRA after Age 70 January 1, 2020
or plan years beginning after 2019
  6.  Changing Required Minimum Distribution Age from 70½ to 72 January 1, 2020
Expanding Distribution and Spending Options 7.  Modifying the Fiduciary Safe Harbor for Selecting an Annuity Provider December 2019
(date of enactment, which is the date signed by the president)
  8.  Enabling Portability of Lifetime Income Products January 1, 2020
or plan years beginning after 2019
  9.  Offering Penalty-Free Distributions upon the Birth or Adoption of a Child January 1, 2020
  10.  Amending Wealth Transfer Strategies by Limiting the Window of Post-Death Payments  Deaths on or after January 1, 2020
Boosting Financial Literacy 11.  Featuring Lifetime Income Disclosure Recordkeepers to comply once Department of Labor issues regulations
Footnotes
Disclosures