NAPA Net - Polling Places 010320

How Secure is Your Knowledge of SECURE?

So, now it’s official – and much of the newly enacted SECURE Act is effective immediately. There’s a lot to know, a lot for which to plan, and a lot to share. This week we’d like to know what you already know, what you've not yet heard about, and what you'd most like to know more about.

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* 1. Which of the provisions of the SECURE Act have you heard/read about (check all that apply)?

increasing the auto enrollment safe harbor cap from 10% to 15% of pay;

simplifying safe harbor 401(k) rules;

enhancing portability of lifetime income options;

allowing long-term part-time workers to participate in 401(k) plans;

allowing plans adopting by the filing due date to be treated as in effect as of close of year;

providing an expanded fiduciary safe harbor for selection of lifetime income provider;

modifying the treatment of custodial accounts on termination of section 403(b) plans;

"open" MEPs;

requiring disclosures regarding lifetime income;

modifying the nondiscrimination rules to protect longer service participants in defined benefit plans

increases the tax credit for new plans from the current cap of $500 to $5,000, and small employers that implement an automatic enrollment feature in their retirement plan design are eligible for an additional $500 credit.

new hardship withdrawal up to $5,000 for expenses associated with birth or adoption of child;

Required Minimum Distribution age increases to 72 from 70 1/2;

Significant increase in penalties for failure to provide 1099-R, 8955-SSA, and timely file Form 5500;

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* 2. Which of the provision(s) of the SECURE Act are you most excited about/for (check all that apply)?

increasing the auto enrollment safe harbor cap from 10% to 15% of pay;

simplifying safe harbor 401(k) rules;

enhancing portability of lifetime income options;

allowing long-term part-time workers to participate in 401(k) plans;

allowing plans adopting by the filing due date to be treated as in effect as of close of year;

providing an expanded fiduciary safe harbor for selection of lifetime income provider;

modifying the treatment of custodial accounts on termination of section 403(b) plans;

"open" MEPs;

requiring disclosures regarding lifetime income;

modifying the nondiscrimination rules to protect longer service participants in defined benefit plans

new hardship withdrawal up to $5,000 for expenses associated with birth or adoption of child;

Required Minimum Distribution age increases to 72 from 70 1/2;

Significant increase in penalties for failure to provide 1099-R, 8955-SSA, and timely file Form 5500;

Question Title

* 3. Which of the provision(s) of the SECURE Act are you curious about (check all that apply)?

increasing the auto enrollment safe harbor cap from 10% to 15% of pay;

simplifying safe harbor 401(k) rules;

enhancing portability of lifetime income options;

allowing long-term part-time workers to participate in 401(k) plans;

allowing plans adopting by the filing due date to be treated as in effect as of close of year;

providing an expanded fiduciary safe harbor for selection of lifetime income provider;

modifying the treatment of custodial accounts on termination of section 403(b) plans;

"open" MEPs;

requiring disclosures regarding lifetime income;

modifying the nondiscrimination rules to protect longer service participants in defined benefit plans

new hardship withdrawal up to $5,000 for expenses associated with birth or adoption of child;

Required Minimum Distribution age increases to 72 from 70 1/2;

Significant increase in penalties for failure to provide 1099-R, 8955-SSA, and timely file Form 5500;

Question Title

* 4. Which ONE of the provision(s) of the SECURE Act are you MOST curious about (check only one)?

increasing the auto enrollment safe harbor cap from 10% to 15% of pay;

simplifying safe harbor 401(k) rules;

enhancing portability of lifetime income options;

allowing long-term part-time workers to participate in 401(k) plans;

allowing plans adopting by the filing due date to be treated as in effect as of close of year;

providing an expanded fiduciary safe harbor for selection of lifetime income provider;

modifying the treatment of custodial accounts on termination of section 403(b) plans;

"open" MEPs;

requiring disclosures regarding lifetime income;

modifying the nondiscrimination rules to protect longer service participants in defined benefit plans

new hardship withdrawal up to $5,000 for expenses associated with birth or adoption of child;

Required Minimum Distribution age increases to 72 from 70 1/2;

Significant increase in penalties for failure to provide 1099-R, 8955-SSA, and timely file Form 5500;

Other (please specify)

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* 5. What specific (or general) question(s) do you have about the SECURE Act and/or its implementation?

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* 6. Other comments about the SECURE Act, implementing the SECURE Act, communicating about the SECURE Act, understanding the SECURE Act, finding out more about the SECURE Act at the 2020 NAPA 401(k) Summit, or life in general?

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* 7. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 8. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 9. Suggestions for future survey questions?

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* 10. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...