As of tax year 2023, SECURE Act 2.0 provides generous tax credits to small companies who start qualified retirement plans. Here’s what YOUR company may qualify for!
401k
Nevada Employee Savings Trust
Nevada passed legislation on June 16, 2023, to adopt a state-run savings program. The legislation will require employers that employ five or more employees and who have been in business for at least…
Minnesota Secure Choice Retirement Program
Minnesota passed legislation on May 19, 2023, to adopt a state-run savings program. The legislation will require employers that employ five or more employees and who have been in business for…
Hawaii Retirement Savings Program
Legislation to establish the Hawaii Savings Retirement Savings Program passed in 2022. Employers who have been in business at least 2 years and have not offered or maintained a qualified retirement plan at any time during…
New York State Secure Choice Savings Program
Enrollment in the New York Secure Choice Savings Program has not started yet and is still under development. As of January 2024, enrollment is not required. Currently it is suggested that…
CalSavers Retirement Savings Program
CalSavers was launched in 2019. Registration took place in three waves. All employers with five or more employees must have registered by June 30,...
Why Adopt a Company 401(k) Plan Instead of My State’s IRA Program?
There are many reasons why a business should adopt a 401(k) Plan instead of a state-administered IRA...
What is a Safe Harbor 401(k) Plan?
Safe harbor 401(k) plans are the most popular type of 401(k) sponsored by small businesses today. A...
What are ADP and ACP Tests?
The IRS requires that sponsors of 401(k) plans must test annually to make sure the plan isn’t unfairly discriminating against Non-Highly Compensated...
What is a Top-Heavy 401(k) Plan?
A 401(k) plan is considered top-heavy when the owners and key employees own more than 60% of the total value of the plan assets. The ratio is...