The House passes the SECURE Act, but hold your horses

The House of Representatives easily passed the SECURE act, which has significant changes to retirement plans. It will allow multiple employer plans, increase the age for required minimum distributions, and increase annuity options in 401(k) plans.

Yet, it’s premature to talk about the provisions of the bill because the Senate has their own bill to consider. The Senate has the Retirement Enhancement Securities Act (RESA). That means if the Senate passes their bill, some of the RESA’s provisions may make their way into the SECURE Act, or parts of the SECURE Act may be modified through a committee or other Congressional action before being signed into law.

So before you start touting that multiple employer plan/ pooled employer plan for 2022, it’s a little premature.

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