The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers quit their jobs in November alone, according to data from the U.S. Bureau of Labor Statistics. Meanwhile, the number of job openings in the United States remains elevated at 10.6 million, as companies across sectors and industries continue to have a hard time recruiting and retaining employees.
Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act of 2019 as part of a comprehensive appropriations measure. The new law, which represents a major overhaul of the rules for retirement plans and IRAs, is generally effective on January 1, 2020. Following are several key provisions in the SECURE Act.