On December 20th, President Trump signed a key piece of legislation impacting retirement plans across America. The “Setting Every Community Up for Retirement Enhancement” Act, or SECURE Act (Don’t you just love how politicians like to give catchy names to every piece of legislation?), was signed into law as part of the 2020 Spending Bill and makes some significant changes to retirement plan rules and regulations. While those changes are being “fleshed out” on how to best be implemented in many cases, I’ll attempt to give you the highlights below.
While there are some other tax deduction and plan rule changes within the Act, these are probably the most impactful changes to our plan participants and blog readers. We will, of course, keep you updated as we work to make any plan amendments that might be necessary or update any forms that you use regularly with the Alliance 403(b) plan. If you have any questions along the way, please don’t hesitate to reach out to our office.
Curtis joined the Alliance Benefits team in September of 2017. Serving in the role as Executive Director, he is responsible for the overall administration and direction of all aspects of Alliance Benefits, including the health and retirement plans for Alliance workers in the United States and internationally.