On December 20, 2019, President Trump signed into law H.R. 1865, Further Consolidated Appropriations Act, 2020. Among its various provisions, H.R. 1865 includes the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) as Division O. The SECURE Act represents one of the most significant reforms in the retirement savings space since the Pension Protection Act of 2006 and is likely to improve outcomes for American employers, workers and retirees.
This alert first provides an overview of the key changes to US retirement savings policy that the SECURE Act will bring about, and then discusses expected next steps in terms of regulatory implementation and possible additional legislative reforms.