The SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement Act” was signed into law on December 20, 2019, as part of a massive compromise government spending bill. The Act represents the most significant reform of the retirement system since the Pension Protection Act of 2006.
The fiscal year 2020 continues to be a dynamic year for employee retirement plans as changes and cases continue to shape the area. Primarily, the U.S. Supreme Court agreed to review three cases relating to the Employee Retirement Income Security Act (ERISA), which involves a range of significant issues. Whereas at the circuit court level, several high-profile lawsuits are emerging that could attract the attention of judges.
The Setting Every Family Up for Retirement (SECURE) Act was signed into law last December 2019 as part of the year-end spending bill. Comprising nearly 30 provisions, the SECURE Act implements various measures aimed at improving retirement savings security. It also includes significant requirements designed to increase access to tax-advantaged accounts, as well as easier avenues for small and medium-sized companies to participate in pension plans for their employees.
Group health plans are governed by a number of state and federal laws including, but not limited to, Health Insurance Portability and Accountability Act (HIPAA), Employee Retirement Income Security Act (ERISA), and Consolidated Omnibus Budget Reconciliation Act (COBRA).