The Setting Every Community Up for Retirement Enhancement Act (the "SECURE Act") which was signed into law on December 20, 2019 made significant changes to the rules that apply to employer-sponsored retirement plans like yours as well as IRAs.

These new rules include changes to when distributions are required or permitted, potentially allowing for more employees to participate, relaxing of safe harbor notice disclosures in some cases as well as the expanding the ability to amend to a safe harbor nonelective option, expanding participant disclosures and portability of lifetime income streams, and increasing penalties for late annual reporting. Many of these provisions may impact your plan and some are already effective and may require action on your part to begin operating under the new rules.

Below is a list of key SECURE Act provisions. Click on the provision to get more details, including the effective date and information on whether you should be considering action steps at this point. We will update this overview as more guidance becomes available.