Momentum from passage of SECURE 2.0 could "accelerate" efforts to enroll millions more of employees, since fewer than 50% of small businesses with less than 50 employees currently sponsor a retirement plan.
With the recent passage of SECURE Act 2.0 and the IRS' release of substantially higher contribution limits for 401(k)s, small employers are only just beginning their journey to design and offer robust retirement benefits.
Building in flexibility and offering a range of features, such as adding a financial advisor, are recommended at a time when there is so much competition for workers, says a new report.
Women most frequently need advice in understanding how long savings would last and how to adjust retirement savings if it's not on track, cited a new report that provides invaluable insight for advisors and employers.
The highly anticipated retirement security bill, SECURE 2.0 Act, which is expected to become law by the end of 2022, is one step closer to passage, as it is now attached to the omnibus appropriations bill now before Congress.
Retirement savings plans could see a significant upgrade if this pending legislation becomes law before the end of the year, giving small businesses more ability to offer plans and opening up opportunities to gig workers.
63% of business leaders and decision makers feel their business lacks resources or needs help handling Employee Retention Tax Credit (ERC) tax credits.