SECURE Act 2.0: Employer Savings Plans
Employers, large and small, play a role in helping individuals save and plan for retirement. It’s no surprise that the Secure Act 2.0, which seeks to reform how Americans prepare for retirement, includes provisions that effect employers. Many of the new provisions target small businesses. The following Secure Act 2.0 provisions help employers offer effective retirement plan programs: Better Retirement Plan Start-Up Incentives (2023): Small businesses can take retirement plan start-up credits to offset up to 100% of their plan start-up costs (versus a prior 50% cap). A New “Starter 401(k)” Plan (effective 2024): The Starter 401(k) provides small businesses …
