SECURE Act

The SECURE (Setting Every Community Up for Retirement Enhancement) Act was designed to help Americans save for retirement. How does it help them save?

• Repeals the maximum age for traditional IRA contributions, which is currently 70½
• Increases the required minimum distribution (RMD) age for retirement accounts to 72 (from 70½)
• Allows long-term, part-time workers to participate in 401(k) plans
• Offers more options for lifetime income strategies
• Permits parents to withdraw up to $5,000 from retirement accounts penalty-free within a year of birth or adoption for qualified expenses
• Allows parents to withdraw up to $10,000 from 529 plans to repay student loans
• Makes it easier for small businesses to offer 401(k) plans by providing tax credits and protections on collective Multiple Employer Plans (MEPs)
• Revised the Tax Cut and Job Acts that raised taxes on benefits for family members of deceased veterans, as well as students, and some Native Americans
• Automatic enrollment escalation allows new employees to be automatically enrolled in companies' qualified retirement plan and automatic annual escalation