The SECURE 2.0 Act of 2022 includes 90+ provisions that should result in expanded savings opportunities for workers if more employers sponsor retirement plans and/or offer the new plan features. Many of SECURE 2.0’s changes are designed to assist small employers with offering a workplace retirement plan. This includes creating a new type of “Starter” …
For September 2022, the U.S. Bureau of Labor Statistics reported an 8.2% inflation rate over the prior 12 months.1 Although this number is shocking after so many years of low inflation, it doesn’t come as a surprise to consumers. Most consumers have felt their reduced purchasing power at the grocery stores and in housing and …
SECURE 2.0 seeks to increase retirement benefit plan coverage of U.S. workers, specifically by small employers, and increase eligible employees’ retirement savings. Putting their money where their mouth is, so to speak, Congress created new tax credit incentives and enhanced existing credits to encourage eligible employers and small business owners to offer retirement plans to …
They’re here! A little later than in prior years, the IRS has finally released the contribution and other dollar limits that will apply to 401(k) plans and other tax-qualified workplace retirement plans for 2022. The contribution limits are increasing, which will allow employees and business owners to save more for retirement this year if they …
The SECURE Act of 2019 changed many retirement plan rules to make it easier for employers to provide workplace savings opportunities for employees and to encourage employees to save for retirement. The changes covered in this final installment of the SECURE Act Series provide examples of how promoting the concept of lifetime income within the …
One of the primary objectives of the SECURE Act of 2019 is to increase access to retirement plans at work for more individuals. To accomplish this goal, lawmakers enhanced employer incentives for establishing workplace retirement plans and changed eligibility rules to ensure that “long-term, part-time” employees are allowed to defer a portion of their paychecks …
Effective January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) made significant changes to the rules governing retirement plans and IRAs. Most of the changes are designed to help individuals save more for retirement. One of the provisions of the SECURE Act, however, has been perceived by some …
Just before the COVID-19 crisis struck the U.S. and commanded all our attention, Congress had passed legislation that was a pretty big deal for retirement savers. Effective January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) made significant changes to the rules governing retirement plans and IRAs to help individuals save …
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) made significant changes to the rules governing retirement plans to encourage more employers to sponsor workplace plans, as well as to encourage individuals to save more for retirement. Many of these changes are effective for plan or tax years beginning January 1, …
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was signed into law in December 2019. The SECURE Act makes significant changes to the rules for retirement plans to encourage more employers, particularly small employers, to offer retirement savings plans to their employees. Some of the provisions include increased tax incentives, …
