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SECURE Act Makes Big Changes to Retirement Plans

Samantha Kopacz
January 2, 2020

Employers, plan sponsors, and plan administrators ring in the New Year with new recordkeeping and administrative challenges for 2020 and beyond. After much anticipation, on December 20, 2019, Pres. Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement Act ("SECURE Act") as part of the Further Consolidated Appropriations Act. The SECURE Act is publicized as the most significant change to the laws governing employer-provided retirement plans since the Pension Protection Act of 2006.

Some highlights of the SECURE Act include:

The SECURE Act has a major impact on plan sponsors, plan administrators, and plan participants. Please contact your Miller Canfield attorney as soon as possible to determine whether immediate action is required with respect to your plan.