Many aspects of the SECURE Act will have an immediate impact on current retirement plan holders and beneficiaries beginning in 2020. These provisions will require review and potential revisions to existing estate plans and alter your tax planning and retirement planning strategies, and potentially insurance as well. Several provisions affecting retirement plan sponsors will also go into effect for 2020 plan years, although language was added to the bill providing a remedial plan amendment period until the 2022 plan year.
As it’s extremely likely the SECURE Act will become law, we’ll be providing additional thoughts, insights, and analysis in the coming weeks and months. In the meantime, if you have any questions, please contact your relationship partner or reach out to us today.