WASHINGTON, Jan. 8, 2020 /PRNewswire/ -- Groom Law Group, Chartered ("Groom") announced today the launch of its SECURE Act Resource Library website. The launch comes on the heels of the passage of the Setting Every Community Up for Retirement Enhancement ("SECURE") Act, which was included in one of two spending bills signed into law by President Donald Trump on December 20, 2019.
The SECURE Act is the most significant piece of legislation affecting the U.S. retirement system in more than a decade and will inevitably affect the majority of Americans saving for retirement. In order to provide a clearer understanding of the Act's nearly thirty retirement provisions, the resource library was designed to provide employers and retirement plan service providers with easy access to the legislation and related regulatory guidance, key deadlines, necessary compliance measures, and insights from Groom legal professionals, all in a single location.
Groom has been at the center of benefits, retirement and health policy since the firm was founded just after the passage of ERISA. Groom attorneys – many of whom have served in senior roles on Congressional committees and at the key agencies – have played an active role in every major piece of retirement legislation over the past 45 years. By maintaining and building invaluable relationships with key Hill and agency contacts, Groom preserves a unique position with unrivaled insights into the legislative and regulatory landscape, serving as a proactive partner in helping shape new laws and regulations affecting employee benefits, health and retirement matters.
The SECURE Act Resource Library features relevant insights and important takeaways on key provisions that impact:
- The Establishment of Multiple Employer Plans and "Pooled Employer Plans"
- Offering In-plan Lifetime Income Options
- Retirement Plan Recordkeeping
- Distributions from Plans and IRAs
- Defined Contribution and Defined Benefit Plan Administration
"The passage of the SECURE Act has been a long time in the making and will have a profound impact on the retirement system," said Groom principal Michael Kreps. "Now that the SECURE Act is law, employers and services providers will need to take a hard look at how the various provisions will impact their plans," added Groom principal and chair of the firm's Policy practice Brigen Winters.
The SECURE Act Resource Library: www.secureretirementact.com.
About Groom Law Group, Chartered
Groom is an award-winning law firm that solves complicated legal issues for a variety of clients that include plan sponsors, health insurers, financial institutions, retirement services providers, and the public sector. Specializing in all aspects of benefits, health and retirement law, Groom was founded in the wake of a landmark regulatory development—the Employee Retirement Income Security Act of 1974. Ever since, rapid response to shifts in the benefits, retirement and health care policy paradigm has been our calling card. In a world that moves as swiftly as the evolution of benefits law, versatility and willingness to adapt have become core tenets of our practice. We have one of the largest ERISA and employee benefits practices in the U.S. with over 80 attorneys.
SOURCE Groom Law Group, Chartered