Upcoming Amendment Deadline: Is Your Company’s Retirement Plan Ready?
Since 2019, Congress has enacted three major pieces of legislation impacting retirement plans, significantly changing the retirement landscape. The legislation contained a number of amendments to the Internal Revenue Code and the Employee Retirement Income Security Act, as amended, that impact employer-sponsored retirement plans (e.g., 401(k) plans, 403(b) plans, defined benefit plans, and even Puerto Rico plans). In a nutshell, the legislation we’re talking about includes: SECURE Act (1.0) . Signed into law on December 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was by far the most significant overhaul of the retirement plan landscape since the Pension Protection Act of 2006. Click here and here for more information. CARES Act. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. T he CARES Act included provisions that provided a much-needed lifeline fo...