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This is the third in a series of articles describing key provisions of the SECURE Act with a focus on defined benefits plan changes. The Setting Every Community Up for Retirement Enhancement Act is part of the Further Consolidated Appropriations Act, 2020. 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 as well as defined benefits retirement plans.
Plan sponsors generally have sufficient time to amend plan documents to comply with any required or optional changes because although some of the changes under the SECURE Act are effective immediately, others are effective in plan or tax years beginning on or after January 1, 2020. The Act provides for a remedial plan amendment period that does not end until the last day of the 2022 plan year (the 2024 plan year for governmental plans).
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