SECURE 2.0 builds on the provisions of the original SECURE Act by addressing a wide array of areas that make major changes to retirement planning. To incentivize small businesses to establish retirement plans, the new law creates or enhances some tax credits. For example, it increases the startup credit from 50% to 100% of administrative costs for employers with up to 50 employees. An additional credit is available for some non-defined benefit plans, based on a percentage of the amount the employer contributes, up to $1,000 per employee. If you have a small business, talk to us about how these provisions may affect you.
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