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The Secure Act Highlights

The SECURE Act of 2019 (Setting Every Community Up for Retirement Enhancement) was signed into law as part of a government funding package on December 20, 2019, with overwhelming bipartisan support. The SECURE Act is the most comprehensive retirement savings package to become law since the Pension Protection Act of 2006. The SECURE Act is wide-ranging, spanning nearly 40 provisions. The Act seeks to improve access to employer-sponsored retirement savings plans, increase savings levels within plans, streamline administration of plans, and provide for a wider range of options for generating retirement income, such as annuities. Changes to IRAs and retirement plan Increase the mandatory RMD age: Required minimum distributions (RMDs) will begin in the year after an individual turns 72, up from the current 70½. Effective in 2020 for those who attain age 70½ in 2020 or later. Remove the age limit for traditional IRA contributions: Non-rollover contributions to traditional IRAs are permitted after