This is the first in a series of articles describing keyprovisions of the SECURE Act, with a focus on the legislation'seffect on required minimum distributions and otherdistributions and withdrawals. Recently signedinto law as part of the Further Consolidated Appropriations Act,2020, the SECURE Act makes numerous changes (including a variety ofenhancements) affecting qualified retirement plans, 403(b) and457(b) plans, individual retirement accounts, and other employeebenefits. Employers should understand these changes toprepare themselves for the resulting effect on retirement plan administration and financialplanning.

Some of the changes under the SECURE Act are effectiveimmediately, while others are effective in plan or tax yearsbeginning on or after January 1, 2020.  The Act providesfor a remedial plan amendment period that does not end until thelast day of the 2022 plan year (the 2024 plan year for governmentalplans).  Therefore, plan sponsors generally havesufficient time to amend plan documents to comply with any requiredor optional changes. Nevertheless, employers must modify certainaspects of plan administration (and potentially financial planningdecisions) now to align with the SECURE Act's more immediatechanges.