SECURE 2.0 Act
At year's end, the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was passed and signed into law, with significant changes to retirement plan rules.
Join our LinkedIn group, ALM's Small Business Adviser, a space where small business owners can gather to network, have discussions and keep up with the trends and issues affecting their industries. SECURE Act 2.0 has an incredible 92 different provisions. The main purpose of this law is to increase employee participation in companies' retirement plans. It provides incentives to small businesses to create retirement plans and makes automatic enrollment the default for newly hired employees in 2025 (older plans are exempt). There's also an automatic contribution escalation feature that would increase an employee's contribution amount by 1% per year.
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