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For small business owners, there are new rules for 401(k)s, incentives to create new plans and tax breaks that you should be aware of.

Employers need to get ahead of the curve in engaging their plan administrators, amending their plans and communicating significant changes to employees, such as emergency withdrawals and student loan match.

There are over 90 provisions in the new retirement legislation, so here is a year-by-year overview of key provisions that will affect employers and their employees.

Since failure to comply with the regulations pertaining to 401(k) administration can lead to significant financial penalties, business leaders need to familiarize themselves with the new retirement plan rules starting with 2023.

Those who proactively get ahead of the game's new rules will be best positioned to serve the needs of their companies, as well as current and former plan participants, while also protecting themselves against liability.

With the passage of this landmark legislation, significant administrative guidance on changes to retirement plans will be forthcoming from the IRS and the DOL, but here is a preliminary summary of the most relevant changes.

The question is not whether the new legislation impacts plan sponsors, it's which of the more than 90 provisions apply to them and when do they take effect.

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.