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News & Press: Industry

SECURE Act Will Alter 401(k) Compliance Landscape

Monday, December 30, 2019   (0 Comments)
Posted by: Alyce Ryan
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President Donald Trump on Dec. 20 signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, a bill to help employers create and run retirement plans for workers. The Society for Human Resource Management (SHRM) strongly backed the measure, which the House first passed in May and the Senate approved on Dec. 19 as part of a year-end appropriations package.

"This legislation will help hard-working Americans prepare for a financially secure future by incentivizing small businesses to set up employer-sponsored retirement plans," said SHRM Chief of Staff Emily M. Dickens, who oversees SHRM Government Affairs. "There is no better way to prepare Americans for retirement than supporting and strengthening employer-sponsored plans."

SHRM joined the employer community in advocating for the past year in support of the SECURE Act.

"The SECURE Act contains the most significant legislative enhancements to the private-sector retirement system in over a decade and will improve the retirement readiness of millions of Americans," said Phil Waldeck, CEO of workplace solutions group at Prudential Financial, which administers retirement plans."