People who work for a small business now have a better shot at retirement security

MarketWatch Small businesses get big help from SECURE 2.0 law Small businesses — and the people they employ — got a boon from new retirement rules that could make it easier and more cost-effective for such companies to offer retirement plans and ultimately help narrow the gap in retirement savings at smaller firms. Roughly 5 million businesses with nearly 57 million employees lack retirement plans at work, according to AARP. Read: Which comes first? Emergency savings or your retirement goals? As part of the federal spending bill that was signed into law at the end of December, a batch of new retirement rules were put in place. Among the provisions, which are known collectively as Secure 2.0, is an expansion of the tax credit for companies with less than 50 employees to pay for administrative costs when starting a new plan. Previously, employers with less than 100 employees were eligible for tax credit of up to 50% of a plan’s administrative costs, with an annual limit of $5,000. Secure 2.0 increases this credit to 100% of costs for employers with up to 50 employees. An additional credit of up to $1,000 per employee for eligible employer contributions may apply […]

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