Are you feeling SECURE?
By now you may have heard about the recently passed SECURE Act of 2019 – which stands for “Setting Every Community Up for Retirement Enhancement.” The bill was signed into law in late December and took effect on January 1, 2020. This new law had heavy bipartisan support and passed almost unanimously in the House of Representatives (417-3) and the Senate (81-11). The SECURE Act is regarded as being one of the most significant pieces of retirement plan (IRA’s) and education account (529 Plans) legislation in more than a decade. The SECURE Act also makes numerous changes to both the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act that will expand retirement plan coverage for workers and increase savings opportunities. This briefing is not intended to cover every intricacy of this legislation but to highlight some of its key provisions and explain what this might mean for retirement investors.