We’ve just added a new resource page to NAPA Net about the SECURE Act.
This new page in the “Hot Topics” tab is your one-stop resource for information about the Setting Every Community Up for Retirement Enhancement (SECURE) Act as it nears enactment this week, and in the future. It includes links to the legislation and related legislative documents, our handy at-a-glance summary of the Act's provisions and effective dates, our news coverage and various recommended resources.
One of the most significant pieces of retirement legislation in more than a decade, the wide-ranging SECURE Act draws from several bipartisan bills to improve upon the success of the private employer-based retirement system by seeking to make it easier for businesses to offer retirement plans and for individuals to save for retirement.
The legislation allows for unrelated employers to join a pooled employer plan, significantly increases the small employer pension plan startup tax credit up to $5,000 and gives business owners more flexibility to help guide their decision-making. The SECURE Act also:
- 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; and
- modifies the nondiscrimination rules to protect longer-service participants.
You can access our other “Hot Topics” resource pages – on DOL and SEC fiduciary rulemaking efforts, state auto-IRA plans, and participants outcomes – here.
