SECURE Act And NYSDCP

Late last year, the Setting Every Community Up For Retirement Enhancement (SECURE) Act was passed, with most provisions effective January 1, 2020. The new law affected Plan participants mainly in the area of required minimum distributions (RMDs.) It increased the RMD age to 72 and shortened the period of time a non-spouse beneficiary may receive payments. However, the CARES Act of 2020, discussed below, suspended RMDs for all of 2020. There are also other provisions of the law that the Board will be reviewing during the year. Please check the Plan Web site periodically for updates.

CARES Act and NYSDCP

On March 27, 2020, the Federal government signed into law The Coronavirus Aid, Relief and Economic Security Act (CARES Act), a $2 trillion stimulus bill aimed at helping the people, states and businesses devastated by the COVID-19 pandemic.

There are certain provisions of the CARES Act that impact the Plan in three areas:

  • Required Minimum Distributions (RMDs)
  • Distributions, and
  • Loans