What SECURE Act 2019 - Public Law 116-94 Retirement Savings Reform requires
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act, Division O of the Further Consolidated Appropriations Act 2020, Public Law 116-94, enacted 20 December 2019) materially reformed the US retirement system through approximately 30 substantive provisions affecting ERISA, the Internal Revenue Code, and the Treasury Department's retirement-plan rules. Key provisions include section 102 raising the required minimum distribution age from 70.5 to 72, section 107 repealing the maximum age for traditional IRA contributions, section 103 enabling small employers to band together in pooled employer plans (PEPs) for 401(k) administration, section 109 facilitating lifetime income products by easing the safe harbour for selecting annuity providers, section 113 enabling participation by long-term part-time employees in 401(k) plans after 3 years of 500+ hours service, section 114 increasing the maximum auto-enrolment default escalation under qualified default investment alternatives, section 401 modifying the stretch IRA rules for non-spouse beneficiaries to a 10-year payout, section 401 expanding penalty-free withdrawals for qualifying birth or adoption expenses up to 5,000 USD, and increased small-employer plan startup credits. The SECURE Act framework was substantially expanded by the SECURE 2.0 Act of 2022 (Division T of Consolidated Appropriations Act 2023, Public Law 117-328).
Pillar: Insurance & Risk · Authority: United States Congress (Government Publishing Office) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/PLAW-116publ94/html/PLAW-116publ94.htm
SHA-256 integrity: a71826a4164913af4ab2cc6903e6fd99d52132924e7b35699f2df843414bc226
Primary Citations — 8 traced to source
- SECURE Act of 2019 (Division O of Further Consolidated Appropriations Act 2020), Public Law 116-94 https://www.govinfo.gov/content/pkg/PLAW-116publ94/html/PLAW-116publ94.htm
- SECURE 2.0 Act of 2022 (Division T of Consolidated Appropriations Act 2023), Public Law 117-328 https://www.congress.gov/bill/117th-congress/house-bill/2617
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