Dropping coin into piggy bank 2020
Congress Enacted Major Retirement Plan Legislation – Here’s What You Need To Know About the SECURE Act
The SECURE Act is the most significant retirement plan legislation in 13 years, and many of its provsions are effective in 2020. It affects employers who currently sponsor retirement plans, and encourages those without plans to set them up. It also impacts plan participants, IRA holders and their beneficiaries, and expands the uses of 529 college savings plans.
Of particular interest to plan sponsors are the new requirements regarding the inclusion of part-time employees in 401(k) plans. Also there is a significant increase in late filing penalties for plan returns, etc. Regarding these new late fee provisions, you can rest assured knowing our team at Frye Retirement will always be on top of your filing deadlines, helping ensure all returns are filed on time.
Please click here for a whitepaper summarizing the new law’s key provisions, and a chart detailing to which plans/accounts they apply, and their effective dates.
As always, we are here to help navigate through these new laws. If you have any questions or would like further guidance on this topic, please don’t hesitate to contact us.
