Important Information About the SECURE Act


President Trump recently signed the Setting Every Community Up for Retirement Enhancement Act of 2019 (the "SECURE Act"), the first major piece of retirement legislation enacted in nearly 15 years.

The SECURE Act features many provisions, including ones intending to make it easier for employers to join multiple-employer plans, provide additional tax credits to start new plans and permit additional automatic safe-harbor contributions to be made to safe-harbor plans. The Act also raises the age, from 70½ to 72, at which required minimum distributions (RMDs) from plans and IRAs must begin, and eliminates the maximum age for contributions to an IRA.

While some of its provisions are not effective until plan years beginning in 2021 and after, many of the Act's provisions are effective as of January 1, 2020. Amendments will be necessary for many of the Act's provisions. However, the Act includes a remedial amendment provision that permits plans to operate in compliance with the new provisions without having to be amended until the last day of the first plan year beginning on or after January 1, 2022.

We are evaluating the Act's impact on the products and services you currently receive from us and will be providing updates shortly. In the meantime, please call your local Mutual of America Regional Office representative if you have any questions.

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