The bipartisan piece of legislation includes provisions that have long been popular among retirement industry stakeholders, including the elimination of barriers to allow greater use of lifetime income products.
For their part, participants say they feel the pandemic has make their retirement savings more vulnerable.
Panelists discussed how employers can add different lifetime income options into their plans and the appropriate products to use.
Retirement plan advisers were given ideas to consider and actions to take in response to new legislation, regulation and litigation.
Leading defined contribution (DC) consultants also expect participants will increase their savings rates.
Under the SECURE Act, more flexibility has been granted to participants who want to draw on retirement savings to help offset the cost of childbirth or adoption—though care must still be taken to avoid unnecessary taxes and fees.
Though many in the industry remain focused on addressing the challenges of the pandemic, major changes to the U.S. retirement planning landscape continue to unfold, thanks to the SECURE Act.
The SECURE Act allows pooled plan providers to start operating pooled employer plans beginning on January 1, 2021, but providers must register before operations can begin.
The offer will run until the October 1 safe harbor deadline.
The interim final rule includes assumptions plan administrators must use to calculate estimated lifetime benefit payments to be included on retirement plan participant statements.
The model notices have been updated to reflect changes made by the SECURE Act.
The list, updated with provisions of the SECURE Act, identifies matters that may involve either mandatory or discretionary plan amendments depending on the particular plan.
Advisers and broker/dealers hoping to work with open multiple employer plans now have a short window to offer their perspectives to the Department of Labor and the Internal Revenue Service.
Aon has announced the launch of a new pooled employer plan (PEP) to be recordkept by Voya.
Responses to the request for information (RFI) will help the Department of Labor (DOL) evaluate the need for a proposal on new prohibited transaction exemptions related to pooled employer plans.
With the electronic disclosure delivery regulation in the bag, retirement industry lobbyists have turned their attention back to the ambitious Portman-Cardin bill, a version of which could soon be introduced in the House.
Firms keep rolling out new lifetime income solutions even as the industry struggles to overcome the challenges of a pandemic.