The SECURE Act of 2020: Have You Updated Your Policies and Procedures?
As part of a larger government spending package, which was signed into law on December 20, 2019, Congress included provisions from the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The act includes many common-sense, long-overdue reforms that could make saving for retirement easier and more accessible for many Americans.
The important retirement legislation reflects policy changes to defined contribution plans (such as 401(k)s), defined benefit pension plans, individual retirement accounts (IRAs), and 529 college savings accounts. Most provisions in the law go into effect on January 1, 2020.
In a recent article by FA-MAG.com titled 8 Impacts To Financial Planning Based on the SECURE Act, firms should be reviewing their policies and procedures to see if updates need to be made. Training of their teams is also important to insure compliance with the new changes.