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Secure Act of 2019 and Secure 2.0 Act of 2022
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 removed regulatory obstacles and expanded access to savings and lifetime income. SECURE included two key provisions: lifetime income disclosures and an annuity safe harbor for the selection of insurer.
The Secure 2.0 Act of 2022, which helps to further strengthen retirement security, includes provisions that improve accessibility of qualifying longevity annuity contracts (QLACs) for defined contribution (DC) plans, and allow money from overfunded defined benefit (DB) plans to fund retiree medical and retiree life insurance liabilities through 2032.