New federal law brings changes to your retirement plan options.

The big federal appropriations law enacted at the end of 2019 included the most important retirement-plan legislation in nearly 15 years. Here are some pieces of the so-called SECURE Act that will affect employers who offer 401(k) retirement benefits to their employees:

Higher age for required distributions. Previously, required minimum distributions had to begin by the later of the date when employees turned 70% or April 1 following the year they retire. The new law raised the age to 72 years old. This provision is effective for distributions required to be made after Dec. 31, 2019, but doesn't apply to employees who turned 70% before Jan. 1, 2020.

No loans on debit cards. 401(k) plans are now prohibited from making loans to staff via credit or debit cards.

New penalty-free distributions. 401(k) plans can now allow employees to take qualified distributions to cover birth or adoption expenses within a year after the birth or adoption. Maximum distribution: $5,000.

Higher limit in auto-enrollment plans.

Employers can have auto-enrollment plans under which employees must affirmatively opt out of the plan, instead of...