SECURE Act and What 401(k) Plan Sponsors Need to Know

Posted on by Jerome.Pfeffer

On 23 December, one of the largest changing legislative acts to impact America’s retirement system was signed into effect. The Setting Every Community Up for Retirement Enhancement Act – or SECURE Act – has many updates and modifications that seek to enhance retirement security activities. The Act strives to addresses challenges that small business owners face including helping your employees better understand their workplace savings plans, encouraging employees to save more for their future, and offsetting plan costs.

For plan administrators, sponsors and fiduciaries, here are a few of the biggest changes that you should be aware of:

The SECURE Act has many changes that could directly impact your company’s retirement plan. The information above is a brief high-level overview that might affect your plan, it is definitely not exhaustive and you should do careful review to learn how the SECURE Act will impact your company’s retirement plan.  For more information, please visit NAPA-Net’s SECURE Act resource page, which is updated continuously with new information.

Additionally, contact us, we are available to sit down for a conversation to discuss your specific plan needs.