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About the SECURE Act

This bill was drafted to address Americans’ difficulty in saving and investing for retirement.

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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

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