Last month, Congress passed the Setting Every Community Up for Retirement Enhancement Act. This bipartisan legislation will affect Americans’ retirement savings plans, so it’s important for you to know a little bit about the SECURE Act, in case our customers have any questions. Here are a few key takeaways:

There is no longer an age limit to contribute to a traditional IRA. Before the SECURE Act passed, you could only contribute to an IRA until you turned 70½ years old. Now, starting with contributions made from January 1, 2020, onward, you can contribute to an IRA no matter how old you are.

Required minimum distributions don’t start until age 72. Previously, IRA owners had to take RMDs from their IRAs starting at age 70½. But if you turn 70½ after January 1, 2020, you won’t have to take them until you are 72. (If you turned 70½ before January 1, this change does not affect you — you still have to take your distributions as previously required.)

Distributions from inherited IRAs must typically be taken within a 10-year window. If an IRA owner dies after December 31, 2019, in many cases the funds from the account will need to be distributed to whoever inherited it within 10 years. There are exceptions, however, for spouses who inherit the IRA when a partner dies; disabled and chronically ill individuals; inheritors who are not more than 10 years younger than the IRA owner; and children who inherit an IRA but have not yet reached the age of majority.

You can now draw from an IRA before retirement age to help with birth or adoption. IRA owners can take up to $5,000 penalty-free from their accounts to help cover the costs of giving birth or adopting a child after January 1, 2020. (They will still pay regular income tax on the distribution.)

Section 529 plans have been expanded to help with education costs. Funds can now be withdrawn from 529 accounts to cover costs associated with registered apprenticeships and qualified student loan repayments, including repayments for siblings.

Small businesses are being encouraged to offer retirement plans. A number of changes make it easier for small businesses to offer retirement plan benefits to employees, including long-term part-time employees.

If you have questions about the SECURE Act and its impact on IRAs or other retirement savings plans, talk to your local branch manager.