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SECURE Act

Legislation that expands opportunities for Americans to increase their retirement savings and improves the portability of lifetime income options from one plan to another.

It is now possible to offer plan participants in 401(k), 403(b), and 457(b) plans the option to treat employer contributions as Roth contributions, under the SECURE 2.0 Act.  More precisely, it is Section 604 of the SECURE 2.0 Act that allows plan participants to elect to have any fully vested... READ MORE
On Feb. 20, the American Retirement Association (ARA) sent a letter to the Internal Revenue Service (IRS) that addressed technical issues affecting certain SECURE 2.0 provisions. It noted a few that are of particular relevance to retirement plan sponsors and advisors.  More specifically, the ARA... READ MORE
The Treasury Department, the Department of Labor’s Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) have announced that they will issue a joint request for information (RFI) seeking public input to help them review the effectiveness of existing... READ MORE
The Department of Labor (DOL) announced Jan. 18 that its Employee Benefits Security Administration (EBSA) released a proposed regulation on automatic portability transactions under SECURE 2.0. The DOL said automatic portability transactions aim to help workers keep track of their retirement... READ MORE
Often there can be confusion in more ways than one when trying to understand why actuaries report liabilities for defined benefit plans. The reason actuaries report plan liabilities in different manners has to do with the interplay between interest rates, the economy, and the reporting purpose.... READ MORE
The IRS has just released new guidance in the form of questions and answers addressing several key provisions contained in the SECURE 2.0 Act of 2022. The IRS advises that the notice (Notice 2024-02) is not intended to provide comprehensive guidance as to the specific provisions of the SECURE 2.0... READ MORE
The newest digital edition of ASPPA’s members-only magazine has been posted online! You have a license to thrill—about the 2023 ASPPA Annual and the TPA Growth Summit! In this issue’s cover story, Genelle Brakefield and Melissa Terito discuss the highs and spies of those events. In our feature... READ MORE
A key theme that has emerged from Alight’s annual “hot topics” survey is that employers need more guidance on key provisions in the SECURE 2.0 Act before fully embracing them.  In looking at changes employers intend to make to their retirement and financial wellbeing plans in the coming year, the... READ MORE
In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American... READ MORE
It has been nearly a year since Congress passed the SECURE 2.0 Act. As the name of the bill suggests, that law was the second significant retirement savings policy bill enacted in the span of five years.  A year later, while most practitioners and retirement plan sponsors are focused on the... READ MORE
As we make our way through November and into December, this is truly my favorite time of the year. I refer not to Thanksgiving and Christmas/Hannukah, but to 2023 Contribution Estimates Season. I enjoy being able to provide guidance during this slower time of the year, as opposed to April or... READ MORE
There are challenges facing not only those saving for their retirement, but also the retirement industry and professionals who work to help them to do so. A panel of industry leaders recently offered their perspective on meeting those challenges in order to better facilitate effective saving for... READ MORE
Required minimum distributions (RMDs) are among the many plan features affected by laws enacted and regulations issued in the last few years. An Oct. 24 session of the ASPPA Annual conference held at National Harbor addressed some of the consequences of those changes.  In “Participant Journey: Let... READ MORE
How did the SECURE Acts affect required minimum distributions (RMDs) and death benefits? An Oct. 23 session of the ASPPA Annual conference held at National Harbor, MD provided a look.    Robert Richter, JD, LLM, Retirement Education Counsel at the American Retirement Association, and Michele... READ MORE
In an Oct. 24 morning session titled “Charting a New Course: Navigating Roth Changes in the Post SECURE 2.0 World” with ‘secret agent’ Shannon Edwards with TriStar Pension Consulting and Michelle Ueding, an employee benefits and executive compensation attorney with Kutak Rock, focused on all one... READ MORE
A new proposed fiduciary rule will be coming “very soon,” according to Assistant Secretary of Labor Lisa Gomez. She was joined by Carol Weiser, Benefits Tax Counsel at the Department of the Treasury, at an Oct. 24 session of the 2023 ASPPA Annual conference at National Harbor, MD.  Issuing... READ MORE
A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference expressed agreement with the notion of closing the coverage gap but also evinced great concern over the effect legislation that would create a federal retirement savings program could have on the private-sector retirement... READ MORE
Automatic enrollment provisions contained in SECURE 2.0 were the focus of an Oct. 23 presentation at the ASPPA Annual conference in National Harbor, MD. Craig Hoffman, an Attorney/Senior Consultant with Nova 401(k) Associates in Houston, Texas, said that in SECURE 2.0, Congress went much further... READ MORE
House Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) on Oct. 5 sent a letter to Employee Benefits Security Administration (EBSA) Assistant Secretary Lisa Gomez  that raises concerns about the Department of Labor’s (DOL) potential regulations that could affect retirement plans... READ MORE
The IRS has updated the content it provides through an issue snapshot on the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The refresh accounts for application of the SECURE 2.0 Act.  The Issue Snapshot discusses the timing rules of the Internal... READ MORE

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