Defined Contribution Plan Legislative Update – 4Q 2019

December 02, 2019

Since our last DC Legislative Update, both chambers of Congress have moved forward with legislative enhancements for retirement savings. Under the leadership of Rep. Richard Neal (D-MA), the House has passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). In the Senate, Sen. Charles Grassley (R-IA), Chair of the Senate Finance Committee, formally introduced the most recent version of the Retirement Enhancement and Savings Act (RESA). The bulk of this update discusses the similarities and differences between the two pieces of legislation and what plan sponsors can expect going forward.

In this update, we summarize various pieces of legislation and recent topics of interest for DC plan sponsors:

  • SECURE Act vs. RESA
  • Release of Final Regulations on changes to the hardship withdrawal process by the IRS
  • IRS 2020 401(k) contribution limit increases

Download PDF > 4Q 2019 Defined Contribution Legislative Update

As always, your consultant will be able to address any specific questions you may have regarding these changes. For a broader view of Marquette’s approach to defined contribution consulting, see our previous research including A Roadmap for Defined Contribution Plan Sponsors and Defined Contribution Plans: A Look at the Past, Present & Future.

 

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

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