While Pooled Employer Plans (PEPs) and Multiple Employer Plans (MEPs) got the lion’s share of attention last year with the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement) – and understandably so – another type of plan is also gaining traction…
The recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act is rightly the cause of celebration throughout the retirement planning industry. As the most significant retirement plan legislation in more than a decade, the SECURE Act (“SECURE” or the “Act”) contains…
Implicit in planning for retirement is looking ahead. But thanks to the SECURE Act and the Internal Revenue Service (IRS), it can pay to look to the past as well. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 allows an employer…
…Significant changes and revisions which may be beneficial to plan sponsors, participants and the retirement plan community. Highlights include: Overpayment correction options: Expanded correction principles to allow plan sponsors to fix operational failures when plan participants or beneficiaries receive payments from defined benefit plans that…
…benefit plans – primarily those designed to implement provisions in the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The window for comments recently closed on November 1st. At the same time, EBSA published a notice of proposed changes to its implementing regulations under…
…2021? What options do these business owners have? Fortunately, the rules for establishing retirement plans have changed as a result of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Under the SECURE Act, for 2020 and later tax years, a business…
They are new for 2022—Groups of Plans (GoPs)—or as the Department of Labor (DOL) has begun to refer to them for reporting purposes, “Defined Contribution Group Plans.” The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. 116–94, created GoPs, effective…
On December 20, 2019, President Trump signed the government’s must-have, year-end spending bill, the Further Consolidated Appropriations Act, 2020, into law. The last minute addition of the Setting Every Community Up for Retirement Enhancement (SECURE) Act provisions to the spending bill means a landslide of…
…enacted-while considered less strict than the DOL Conflict of Interest Rule, would strengthen protections versus older fiduciary standards. 4. How will the SECURE Act affect the retirement industry? After months of remaining in limbo in the Senate, the U.S. Congress passed the Setting Every Community…
Continuing a look at some of the other major provisos in the recently passed Setting Every Community Up for Retirement Enhancement (SECURE) Act, I would like first to discuss its change in how compensation for some health care workers is treated. Many such workers do…
Many retirees seek to relocate after their careers are over, for a variety of reasons: Wanting to downsize, to live in a community of like-minded (and similarly aged) people, or moving closer to (or, in some instances, further away from) family and friends. But, assuming…
It has been crystal ball-gazing time since the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 passed the U.S. House of Representatives by a nearly unheard-of 417-3 vote earlier this year. At first it seemed a given that the bill would easily…