Although the landmark legislation will take years before it is fully implemented, many of the provisions are already in effect—including two that require immediate changes to the 402(f) notice given to participants to help them understand their rollover options.
One analyst argues the landmark legislation’s lifetime income disclosure requirement may prove to be more influential than the annuity selection safe harbor.
Among its many popular provisions, the SECURE Act extended the age at which one must begin making withdrawals from tax advantaged savings.
The SECURE Act is the most significant piece of legislation affecting the U.S. retirement system in more than a decade and will inevitably affect the majority of Americans saving for retirement, according to Groom Law Group.
The Senate voted Thursday to approve appropriations legislation that has subsumed the SECURE Act, after the House approved the same measure on Tuesday.
In the near term, some of the more modest provisions of the SECURE Act will probably be the most influential, sources agree, but over time the industry impact could be profound.
Retirement plan industry stakeholders had hoped the popular and bipartisan SECURE Act would be tied into must-pass spending legislation before year’s end, and that now appears to be the case.
It’s not just the financial services industry pushing for passage of the Setting Every Community Up for Retirement Enhancement Act; chambers of commerce, consumer advocacy groups and major U.S. corporations are also voicing support.
While parties on both sides of the political spectrum are pushing for passage of the SECURE Act, one Washington insider who helped implement the Pension Protection Act says the odds of passage this year aren’t exactly great.
An open letter penned by a team of senior Republican Senators calls on Senate Majority Leader Mitch McConnell to bring the bipartisan SECURE Act over the legislative finish line.
There are several potential paths forward for the SECURE Act, which remains stalled in the U.S. Senate despite is bipartisan appeal.
As Congress and the Trump Administration turn their attention to a budget deal and debt ceiling negotiations, industry stakeholders hope the bipartisan SECURE Act could become part of the process.