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The SECURE Act has Arrived
MassMutual’s Regulatory Advisory Services
FOR FINANCIAL PROFESSIONAL AND EMPLOYER USE ONLY.
The wait is finally over! This long one of the most significant pieces of
anticipated retirement plan retirement legislation impacting plan
administration in over a decade. While
legislation is now the law. largely known for its establishment of
pooled employer plans (allowing
Overview unrelated employers to participate in a
multiple employer plan), there are actually
The Setting Every Community Up for
Retirement Enhancement (SECURE) Act many more provisions of the SECURE Act
was included in a broader spending that will have a major impact on ongoing
package, the Further Consolidated plan administration.
Appropriations Act, 2020 (H.R. 1865, as What's included?
amended) that was signed by the
President on December 20, 2019. Clearing The SECURE Act expands retirement
both the House and Senate on a largely access to both employers and employees.
bipartisan basis, the SECURE Act represents Also be aware that there are provisions in
the Act intended to offset some of the
costs of this new legislation. For example,
there are significant increases in penalties
for late filing of retirement plan returns and
related notices.
We have included at the end of this white
paper a list of the key changes that we
believe are most meaningful to you in your
capacity as plan administrator. Be
mindful, however, that it is not a full
recitation of the Act.
When are these changes
effective?
Different provisions have different effective
dates. Refer to the table below for
specific dates. The table is broken down
into three parts:
