The SECURE Act, which stands for the Setting Every Community Up for Retirement Enhancement Act, is the most significant retirement legislation in over a decade. Signed into law on December 20, 2019, the Act is intended to encourage retirement savings by expanding opportunities for more savings and by simplifying the administration of our retirement system. In this one-hour briefing, Ellen Kawashima will give a high-level overview of how the SECURE Act impacts company retirement plans and employees, from an employer’s perspective. Her discussion will include highlights of the SECURE Act that employers should be aware of, such as:
- Increase in the age for taking required minimum distributions
- New requirements for coverage of long-term, part-time employees in 401(k) plan
- Easier adoption and notice requirements for certain safe harbor 401(k) plans
- Modification of post-death required minimum distributions – limitation of “stretch” IRAs
- New lifetime income disclosure requirement for defined contribution plan benefit statements
- Increase in the credit limit for small employer plan start-up costs
- New tax credit for new small employer 401(k) plans with automatic enrollment
- Elimination of “bad apple” rule for multiple employer plans
- Extended adoption deadline for new retirement plans
- Increased penalties for late/missing Form 5500 filings
- Consolidated From 5500 for group plans
Ellen N. Kawashima is a Principal and Vice President at SI GROUP Certified Pension Consultants, the only firm based in Hawaii that is certified by CEFEX (Centre for Fiduciary Excellence) for Plan Administration Services. Prior to joining SI GROUP, she was a partner at Cades Schutte, where served as the Chair of the Employee Benefits and Executive Compensation Practice Group. Ms. Kawashima's practice areas included qualified retirement plans, employee benefits, deferred compensation arrangements and executive compensation. Ms. Kawashima received her Bachelor of Science degree in Mathematics-Applied Science in Physics from the University of California at Los Angeles and her Juris Doctor degree from Georgetown University Law Center.
Thursday, February 27, 2020
9:00 a.m. - 10:00 a.m.
Hawaii Employers Council ~ Kahili Room
Members – $20.00
Click here to download the registration form to pay by check. Please mail check and registration to the attention of Francine Fong. Payment must accompany the registration form to be processed.
2682 Waiwai Loop
Honolulu, HI 96819