Setting Every Community Up for Retirement Enhancement Act of 2019
The SECURE Act
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) came into effect on January 1, 2020.
The legislation brings changes for long-term retirement savings and affects individuals at every age. The primary aim of the legislation is to enhance financial security across the country and ensure there is increased access to allow individuals to make retirement contributions.
The new law contains a laundry list of implementations that changes the retirement plan design, administration and compliance requirements.
Our focus will be on how it impacts the Financial Services space: Asset management industry and Broker-dealers realm-- fiduciary-related rules.
Overall, the SECURE Act will change the landscape for Retirement Plans and individual retirement accounts, which is set into effect, creates new business opportunities that will benefit all players in the market – plan administrators, plan sponsors, custodian, and individual investors.
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