News & Knowledge Health Policy | Practice ManagementMay 30, 2019April 6, 2023 Six Ways the SECURE Act Could Affect Your Practice Retirement Plan and Staff By: Joe Dillon, CFP® < 1 Minute Read On May 23, the U.S. House of Representatives approved the Setting Every Community Up for Retirement (SECURE) Act (H.R. 1994) in a sweeping 417-3 vote. This broad legislation incorporates many proposals from bi-partisan bills previously introduced but never passed by Congress. The Act is designed to make it easier for employers to offer retirement plans and for individuals to save for retirement. What could this mean for your practice? Some of the Act’s key provisions include: Creating a Pooled Employer Plan (PEP)—a more open form of Multiple Employer Plans (MEPs), which requires certain conditions be met for employers to band together to form a plan Increasing the tax credit for new plans from the current cap of $500 to $5000 Extending the Required Minimum Distribution start date from 70 ½ to 72 Simplifying the 401(k) safe harbor rules Allowing penalty-free distributions for new parents of up to $5,000 within a year (birth or adoption) Providing portability to lifetime income options What’s next? While this legislation is a very exciting development for the industry, there’s still a long way to go until it’s passed into law. The Senate must first vote on their own version of the SECURE Act—Retirement Enhancement and Savings Act (RESA). If passed, a committee will work to reconcile the differences between the House and Senate. The reconciled version will then go back to both the House and Senate to be passed again, and then the President must sign it into law. Unfortunately, even bills with significant bi-partisan support are often derailed by the legislative process. Curi Capital is closely watching developments around the Act and will continue to provide updates on what it means for retirement plan sponsors. Joe Dillon, CFP® Joe Dillon is Curi Capital’s Managing Director of Retirement Plan Solutions, based in Raleigh, NC. READ NEXT April 5, 2024April 5, 2024Practice Management Five Steps to Reduce Generative AI Risks in Healthcare AI is already assisting physicians and healthcare organizations in many ways. Learn how its use may impact liability and what strategies can mitigate risk. Read more April 3, 2024April 5, 2024Human Resources | Practice Management Webinar: ADA, FMLA, Workers’ Compensation: Understanding The Bermuda Triangle of Employment Law What do you do when an employee needs time off for a medical issue for themselves or their loved ones? If they were injured at work,… Read more August 30, 2023August 30, 2023Human Resources | Practice Management Webinar: Ask the Experts: Exploring HR Solutions for Today’s Practice In August 2023, Curi Advisory hosted a webinar panel titled, “Ask the Experts: Exploring HR Solutions for Today’s Practice.” From recruiting and training, to staffing shortages… Read more