SECURE Act is Signed into Law
President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law on Dec. 20.
The bill was tucked into the 1,700 page, $1.4 trillion Further Consolidated Appropriations Act, 2020 (H.R. 1865, as amended) to fund half the government for the remainder of fiscal year 2020, which began Oct. 1. The House of Representatives approved H.R. 1865 on Dec. 17, followed by the Senate on Dec. 19.
Retirement and tax professionals should pay close attention to the effective dates, as several provisions became effective on the date of enactment, while numerous others are set to become effective on Jan. 1, 2020. As noted in an earlier post, the legislation includes a provision providing for a remedial plan amendment period until the 2022 plan year (2024 plan year for certain governmental plans), or a later date if the Treasury Department provides one, for any plan amendment required under the SECURE Act and its accompanying regulations.
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