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SECURE Act
2019 United States federal legislation / From Wikipedia, the free encyclopedia
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L.Tooltip Public Law (United States) 116–94 (text) (PDF), was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 (2020 United States federal budget).[1]
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Long title | Making further consolidated appropriations for the fiscal year ending September 30, 2020, and for other purposes |
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Acronyms (colloquial) | SECURE Act |
Nicknames | SECURE Act |
Announced in | the 116th United States Congress |
Number of co-sponsors | 304 |
Codification | |
Acts affected | Internal Revenue Code of 1986; Employee Retirement Income Security Act of 1974 |
Agencies affected | Internal Revenue Service; United States Department of Labor; United States Department of the Treasury |
Legislative history | |
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The SECURE Act changed the most popular retirement plans used in the United States and was the first major retirement-related legislation enacted since the 2006 Pension Protection Act. [2][3] Major elements of the bill include: raising the minimum age for required minimum distributions from 70.5 years of age to 72 years of age; allowing workers to contribute to traditional IRAs after turning 70.5 years of age; allowing individuals to use 529 plan money to repay student loans; eliminating the so-called stretch IRA by requiring non-spouse beneficiaries of inherited IRAs to withdraw and pay taxes on all distributions from inherited accounts within 10 years; and making it easier for 401(k) plan administrators to offer annuities.[3][4]