The SECURE 2.0 Act is here, and this law adds over 90 new provisions to help Americans save through employer-sponsored plans. ADP is here to help you learn about the ins and outs of SECURE 2.0 and how businesses can take advantage of increased tax incentives.
In 2019, Congress passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) to help individuals better prepare for retirement. On December 29, 2022, the SECURE 2.0 Act was signed into law to address additional issues related to retirement and savings, creating new flexibility and accessibility to help individuals plan for a more secure future.
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The SECURE 2.0 Act is designed to encourage more employers to offer retirement plan benefits and more employees to participate in saving for their future. The law does so by updating and adding new retirement account provisions, including:
If your small business doesn't currently offer retirement benefits, you could be missing out on major incentives. Many provisions include tax credits to offset the administrative costs of setting up and maintaining retirement plans. For example, small businesses with up to 50 employees can receive tax credits for up to 100% of plan start up and administrative costs for the first three years,* as well as up to $1,000 per employee earning $100,000 or less in additional annual tax credit for employer contributions to defined contribution plans.
* Up to the greater of $500 or $250 times the number of eligible non-highly compensated employees up to $5,000 (minimum $500).
The SECURE 2.0 Act impacts Roth contributions in several ways. Two important changes you need to be aware of are:
SECURE 2.0 helps employees save in a number of ways:
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