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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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The SECURE 2.0 Act was signed into law on December 29, 2022, and contains a number of provisions impacting employer retirement plans. As a family business owner, it is important to stay on top of changes in the law that may impact your business or your retirement plans. Below are three SECURE 2.0 retirement plan changes that family business owners should be aware of.
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- Tax credits for start-up costs. Beginning in 2023, businesses with 50 or fewer employees are eligible for a tax credit on up to 100% of retirement plan start-up costs. Businesses with 100 or fewer employees may also be eligible for a credit on a percentage of employer contributions.
- Automatic enrollment. Beginning in 2025, 401(k) plans will be required to automatically enroll eligible employees. However, there are exceptions for businesses with 10 or fewer employees and businesses in existence for less than 3 years.
- Part-time employee participation. Beginning in 2025, employers will be required to allow part-time employees to contribute to the employer’s retirement plan if they have 500 or more hours of service for two consecutive years.
Read more about the SECURE 2.0 Act and tax strategies for high-income individuals.
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*Click here to read how we calculate client retention rate.
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Our thanks to Homrich Berg.
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About Homrich Berg
One of the 50 largest registered investment advisor firms in the country based on assets under management, HB was a pioneer when we founded our firm in 1989 with a focus on serving clients with a fiduciary approach. We have grown to serve clients in 45 states from our home base in metro Atlanta and now have 38 principals and more than 175 employees. We have kept our core values constant and kept our focus on our clients even as we have continued to be a pioneer in using technology and expertise to find new ways to provide great service to our clients. A key part of our success is attracting great people who enjoy our culture and our approach. We have received many awards over the years, but we are most proud of our 98%+ client retention rate*. Community is important to HB, as we give our time and resources to help make a difference. To learn more about HB, visit https://homrichberg.com/.
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Upcoming Events
- April 19 - 21: Transitions Spring, St Petersburg, FL
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April 27-28: Prairie Family Business Center Annual Gala Event, Sioux Falls, SD
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May 3: Family Business Association Annual meeting, Sacramento, CA
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May 10-12: Family Office Club Event, New York, NY
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May 10: High Center Directors, virtual
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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