On December 20, 2019, the President signed into law the Further
Consolidated Appropriations Act, 2020 (the Act), which includes the
Setting Every Community Up for Retirement Enhancement Act of 2019
(SECURE Act), the most expansive employer retirement plan
legislation since the Pension Protection Act of 2006. While some of
these changes take effect in the upcoming years, several changes
became effective on the date of enactment and others on January 1,
2020.
The SECURE Act includes an extended remedial amendment period
that provides anti-cutback relief and provides plans until the end
of the 2022 plan year (2024 for certain governmental and
collectively bargained plans) to adopt plan amendments required
under the SECURE Act. However, plans must comply operationally with
the provisions by the effective date specified in the Act.
