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ARTICLE · 02 JANUARY 2020

The SECURE Act: Key Takeaways And Applicability Dates For Plan Sponsors

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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On Dec. 20, 2019, the president signed into law the Setting Every Community Up for Retirement Enhancement Act (the "SECURE Act" or "Act"). The law changes several provisions governing retirement...

United StatesEmployment and HR
Marissa J. Holob
Marissa J. Holob
Sumaya Ullah Restagno
Sumaya Ullah Restagno
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On Dec. 20, 2019, the president signed into law the Setting Every Community Up for Retirement Enhancement Act (the "SECURE Act" or "Act"). The law changes several provisions governing retirement savings for Americans. In addition to providing incentives for certain small employers to implement retirement plans and expanding open multiple employer plans, the Act includes several provisions that apply to employer-sponsored qualified retirement plans. A brief summary of some of the key provisions impacting plan sponsors of defined contribution plans is provided below.

Mandatory Action Items for Plan Sponsors

Modifications to Required Minimum Distribution Rules: The Act increases the required minimum distribution age from 70½ to 72, applicable to distributions made after Dec. 31, 2019, with respect to individuals who attain age 70½ after such date. In addition, the Act limits the ability of certain beneficiaries to stretch minimum distributions, providing that if a

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