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The SECURE Act is the largest change to corporate retirement plan laws since the Pension Protection act of 2006, so if you are a business owner, help operate your company’s retirement plan or a CPA there are a lot of changes to be aware of.
The change to retirement plans generally fits one of three themes, which is how this article will be organized. We’ll talk about the changes that affect corporate retirement plans, when those changes go into effect and any action you should think about taking. This article is a summary, please reach out to our team if you wish to discuss how some of these changes affect your retirement plan.
These changes were put into place to encourage small businesses who don’t offer a retirement plan, to offer one for their employees.
These changes were put into place to help participants avoid the risk of outliving their money. Having more focus on lifetime income, instead of the total balance, allows participants to better understand how prepared they are for retirement.
This is not a complete overview of all the changes in the SECURE Act. There are changes we haven’t covered here; we also won’t know the ramification of some of these changes for some time. We will continue to review and analyze these changes and look forward to discussing with our clients in the days and weeks ahead.
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