The Setting Every Community Up for Retirement Enhancement Act of 2019, known as the SECURE Act (the Act), was adopted last year and took effect January 1, 2020. The Act made significant changes to retirement benefits, including 401(k), 403(b), 457(b), ESOP, and IRA accounts, and implemented new rules regarding payout of retirement accounts to a deceased participant’s beneficiaries.

Because of these changes, individuals who own retirement accounts should review their retirement account beneficiary designations and estate plans to determine if changes are advisable. In this article, Alex Wolf and Nick O'Brien answer a series of questions designed to help you regarding designation of beneficiaries under the Act.

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