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DiMeo Schneider & Associates

In Focus: Sweeping New Retirement Plan Reform

Defined Contribution December 23, 2019

The most significant retirement plan legislation in over a dozen years was just signed into law! The Setting Every Community Up For Retirement Enhancement Act of 2019 (“SECURE Act”) aims to increase the accessibility of retirement plans and ease some current rules.

Key provisions include:

  • Increase of the automatic enrollment safe harbor deferral cap to 15 percent, from the current 10 percent level, after first plan year
  • Requirement to include a lifetime income disclosure as a monthly income stream on benefit statements
  • Fiduciary safe harbor provisions for selection of lifetime income providers and greater portability for these options
  • Penalty-free withdrawals from retirement plans for birth or adoption of a child
  • Increase of the Required Minimum Distributions (RMD) age to 72 up from 70 ½
  • Easing of rules pertaining to Multiple Employer Plans (MEPs) to allow smaller employers to band together to gain greater efficiencies collectively

Click here to read more of the In Focus article Sweeping New Retirement Plan Reform

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