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This is the second in a series of articles describing key provisions of the SECURE Act — this time, with a focus on lifetime income options. Some of the changes under the SECURE Act are effective immediately, while others are effective in plan or tax years beginning on or after January 1, 2020. Employers need to understand these changes to prepare themselves for the resulting effect on retirement plan administration and financial planning.
Part of the Further Consolidated Appropriations Act, 2020 that President Trump signed into law, it amounts to the most significant retirement legislation in more than a decade. It makes numerous changes (including a variety of enhancements) affecting qualified retirement plans, 403(b) and 457(b) plans, individual retirement accounts, and other employee benefits.
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