A Comprehensive Guide on the SECURE Act: Potentials and Pitfalls Explored
The SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement Act” was signed into law on December 20, 2019, as part of a massive compromise government spending bill. The Act represents the most significant reform of the retirement system since the Pension Protection Act of 2006.
With a few exceptions, the Act’s provisions are effective on or after January 1, 2020, and impact both employer sponsored retirement plans as well as traditional and Roth IRAs. For operational compliance, quick action may be needed for those provisions taking effect in 2020.
In this LIVE Webcast, a seasoned panel of thought leaders and professionals brought together by The Knowledge Group will provide and present to the audience an in-depth analysis of the fundamentals as well as recent updates in the SECURE Act. Speakers will also present the important issues surrounding this significant topic.
Millennium Trust Company
Blue Ocean Global Wealth
Pepper Hamilton LLP
- Protection for Multiple Employer Plans and Compliant Employers from a Participating Employer’s Qualification Failures.
- Increase in Small Employer Tax Credit for Pension Plan Startup Costs and Added Credit for Automatic Enrollment.
- Increase in Maximum 401(k) Plan Automatic Enrollment ADP Safe Harbor Default Contribution Rate.
- Ease in Elective Deferral Contribution Eligibility for Long-Term Part-Time Employees.
- Flexibility for 401(k) Non-elective Contribution Safe Harbor Notice Requirements and Plan Amendments.
- Repeal of IRA Contribution Age Limit.
- Increase in Required Minimum Distribution Age from 70½ to 72.
- New Required Minimum Distribution Rules upon Death of Participant / IRA Owner.
- Early Withdrawal Penalty Exception for Births and Adoptions.
- Relief from Nondiscrimination Requirements for Closed and Frozen Pension Plans.
- Extended Time for Employers to Adopt New Retirement Plans.
- New Defined Contribution Plan Participant Statement Requirements for Lifetime Income Streams.
- Increase in Penalties for Retirement Plan Filing and Notice Failures.
- Prohibition on Employer Plan Loans Through Credit Cards.
- Expanding Section 529 plans to cover registered apprenticeships and distributions to repay certain student loans.
- Repealing the "kiddie tax" changes added by the TCJA.
- Treating certain taxable non-tuition fellowship and stipend payments as comp for IRA purposes.
- Expanding qualified plan distribution rules to provide for the portability of lifetime income options when the investment is no longer available under a plan.
As Millennium Trust General Counsel, John oversees the legal and compliance functions at Millennium Trust. He brings more than 20 years of legal experience to the firm.
Before joining Millennium Trust in 2017, John served as General Counsel and Executive Vice President – Finance at Sync Financial, a tech-enabled financial services company. John has also served as Assistant General Counsel of Solo Cup Company and as a partner in the capital markets practice at Jones Day, an international law firm. He began his career as a Certified Public Accountant® with Ernst & Young.
John earned a bachelor’s degree in business administration and a juris doctor from the University of Notre Dame.
As Millennium Trust General Counsel, John oversees the legal and compliance functions at Millennium Trust. He brings more than 20 …
Marguerita M. Cheng is the Chief Executive Officer at Blue Ocean Global Wealth. Marguerita is a past spokesperson for the AARP Financial Freedom Campaign and a regular columnist for Investopedia & Kiplinger. She is a member of CNBC Digital Financial Advisor Council. She is a CFP® professional, a Chartered Retirement Planning Counselor, and a Retirement Income Certified Professional®. As a Certified Financial Planner Board of Standards (CFP Board) Ambassador, Marguerita helps educate the public, policy makers, and media about the benefits of competent, ethical financial planning. She serves as a Women’s Initiative (WIN) Advocate and member of the Diversity Advisory Group (DAG) for CFP Board.
Marguerita M. Cheng is the Chief Executive Officer at Blue Ocean Global Wealth. Marguerita is a past spokesperson for the …
Paul L. Porretta is a partner in Pepper Hamilton LLP’s Employee Benefits and Executive Compensation practice group, resident in its …
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Method Of Presentation:
General knowledge of employee benefits laws
NY Category of CLE Credit:
Areas of Professional Practice
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About Millennium Trust Company
Millennium Trust is a leading provider of retirement and institutional custody solutions. We empower clients with access to a wide range of solutions, exceptional service and expertise they can count on. Whether clients manage corporate retirement assets, run a business or want choice beyond traditional options, we provide flexible, digital solutions to support our clients' success. As an independent service provider, our goal is to serve as a trusted ally - always putting our clients’ interests first.
About Blue Ocean Global Wealth
Blue Ocean Global Wealth is an investment advisory firm that strives to be a trusted partner and educational resource. We deliver comprehensive financial planning and wealth management solutions to families, entrepreneurs, and executives.
About Pepper Hamilton LLP
Pepper Hamilton LLP is a multi-practice law firm with more than 425 lawyers in 14 offices across the United States. The firm provides corporate, litigation and regulatory legal services to leading businesses, governmental entities, nonprofit organizations and individuals throughout the nation and the world. The firm was founded in 1890.