One of the important objectives of the Community Pension Enhancement Act (SECURE 2.0) is to expand access to employer-provided pension schemes. Particularly smaller employers who often don’t offer retirement profit plans. The SECURE Acts (1.0 and a couple of.0) add or extend several tax credits for smaller businesses opening a retirement plan, allowing business owners to use this powerful tool to draw and retain employees, including:
- Tax credit for adding auto-registration
- Tax credit for employer contributions
- Tax credit for military spouses
Key takeaways: With these credits, a small employer can adopt a plan and make employer contributions at very low price. Corporations should consider how a retirement program tailored to their specific workforce and business needs can improve their recruitment, retention and engagement of top talent.
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