SECURE Act and Your Retirement Plan
In December of 2019, Congress passed The Setting Every Community up for Retirement Enhancement (SECURE) Act.
MGO is available to consult with plan sponsors and their advisors on how the SECURE Act provisions impact their retirement plans. Some provisions are optional where noted.
Here are some changes that we think are important.
Required Minimum Distribution Age Increased (Required)
Long-Term Part-Time Employee Eligibility (Required)
Safe Harbor Profit Sharing Notice Elimination (Optional)
Childbirth/Adoption Distributions (Optional – added by plan amendment)
Modification of Required Distribution Rules for Designated Beneficiaries (Elimination of “Stretch” IRAs)
We encourage you to reach out to our office to discuss this important legislation.