To encourage taxpayers to become involved with their employers retirement plan, the “Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019)” was signed into law on December 29, 2022
The new law is designed to help taxpayers save more for retirement by allowing for “automatic enrollment” into retirement plans. As a result, many employers may need to modify their plan documents to allow employees to be automatically added to their retirement plans in the future in order to be compliant with these provisions.
Current las provides a tax credit to small employers who implement a qualified 401k plan.
Current law provides for a nonrefundable income tax credit for certain low-income in-dividuals who make contributions to individual retirement accounts (“IRAs”), employer retirement plans (such as 401(k) plans)
For more information, contact Doug Zandstra
