SECURE Act Roundtable: What plan sponsors need to know about the new retirement security law
The defined contribution industry is celebrating major legislation, the SECURE Act, that passed Congress in December 2019, moving the needle forward on retirement security for employees. The Setting Every Community Up for Retirement Enhancement Act encourages smaller employers to start plans and helps larger employers with fiduciary relief and plan features that nudge employees toward maximizing savings. Plan sponsors are diving into unpacking the act’s provisions, according to a panel of industry experts, including Rick Jones, senior partner, national practices, retirement solutions, at Aon; Matt Soifer, managing director and head of distribution in BlackRock’s Retirement Group; and Daniel Notto, ERISA strategist, retirement solutions, at J.P. Morgan Asset Management. In this roundtable discussion, the panelists highlight key provisions of the law, point out what plan sponsors should pay attention to and why, and predict which features will have the most lasting impact.