Setting Every Community Up for Retirement Enhancement (SECURE) Act

June 10, 2019

As of May 23, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was approved, almost unanimously, by the U.S. House of Representatives.

Here are a few highlights in the legislation:

  • Increase the Required Minimum Distribution (RMD) age from 70.5 to 72
  • Encourages lifetime income options
  • Penalty-free birth and adoption withdrawals
  • Deductions from 529 plans for parents to assist with student loans
  • Allows “open” Multiple Employer Plans (MEPs) that encourages small employers to combine and offer a retirement plan
  • What’s next?  The bill has strong bi-partisan support and it is expected to pass in the Senate before it goes to the President’s desk.

Other notable bills working through the legislature include:

Retirement Enhancement and Savings Act (RESA):  The Senate’s version of the SECURE Act.  This overlaps significantly with SECURE and will likely be dropped as the Senate is expected to pass SECURE and move it to the President’s desk for final approval.

Retirement Parity for Student Loans Act:  Employers would have the ability to contribute to the retirement plan for employees that were actively making student loan payments. 

Retirement Security and Savings Act:  Contains more than 50 provisions, including Safe Harbor rule enhancements, as well as student loan repayment programs integrated with retirement plans.

The Employer Participation in Repayment Act (H.R. 1043):  Allow employers to provide tax-free student loan assistance of $5,250 per employee, per year; very similar to tuition reimbursement programs.

If you have any questions, please reach out to your MMA Retirement Services Consultant!


MMA New England is a part of Marsh & McLennan Agency, LLC (MMA). Securities offered through MMA Securities LLC (MMA Securities), member FINRA / SIPC, and a federally registered investment advisor. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Variable insurance products distributed by MMA Securities LLC.  MMA and MMA Securities are affiliates owned by Marsh & McLennan Companies.