On Thursday May 23rd, the House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE” Act) with a near unanimous vote. Billed as an attempt to encourage retirement savings and expand and preserve access to retirement plans on a large scale, the Act contains 29 proposed changes to the current retirement savings landscape. If approved by the Senate, the Act would be the first concrete step towards retirement plan reform since the Pension Protection Act of 2006.

So—what could the SECURE Act mean for plan sponsors and individuals saving for retirement? The Act would make changes in a number of areas, including:

The path forward, however, is somewhat opaque. In the Senate, the SECURE Act will have to contend with the Senate’s own Retirement Enhancement and Savings Act (the “RESA” Act)—a bill first introduced in 2016 and reintroduced in the current session. RESA and the SECURE Act contain many overlapping provisions and enjoy support both on a bipartisan level and by many in the retirement plan industry.

The full text of the SECURE Act is available here. For those with perhaps less reading time, the Senate and House, respectively, have also released condensed summaries of RESA and the SECURE Act.

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