Understanding the Provisions of the SECURE Act
Before 2019 wound down, the Setting Every Community Up For Retirement Enhancement (SECURE) Act was signed into law by President Donald Trump on December 20, 2019. The SECURE Act is a bipartisan package of provisions intended to encourage retirement savings through additional retirement planning options.
The SECURE Act provides a few updates including modifying required minimum distribution (RMD) rules for retirement plans, expanding retirement plan access, and increasing lifetime income options in retirement plans (i.e., annuities).
- The RMD withdrawal start date has changed from age 70½ to age 72 for a traditional retirement plan and/or an Individual Retirement Account (IRA)
- Business owners are encouraged to offer retirement plans to their employees with increased tax credits for small businesses, expansion of multiple-employer plans, and expansion of plan eligibility to long-term, part-time employees
- Legislation simplifies compliance and fiduciary rules by offering a safe harbor provision for annuities
Prudential has developed a fact sheet on the SECURE Act which breaks down the key provisions for businesses and consumers. You can request this financial professional approved document by contacting our team below. You also can download this document from AIG that reviews the SECURE Act and is client approved.
To help our members and agents, AIP Marketing Alliance has access to multiple, top-rated insurance carriers with annuity products designed to fit within the SECURE Act’s provisions for lifetime guaranteed income. AIPMA also used online contracting to make getting appointed efficient for your agents.
If you would like to learn more, please contact AIPMA’s Business Development team at (800) 783-5206 press #2 or email firstname.lastname@example.org.
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