Secure Act 2.0 for Employers with Jennifer Aube | Quick Tips on the Naked Wealth Podcast

Curious about the latest changes in retirement planning laws for employers? Wondering how the Secure Act 2.0 could impact your business's retirement offerings?   Explore the key provisions of the Secure Act 2.0, a comprehensive update to the Secure Act, focusing on retirement plan enhancements for employers. Effective for plan years beginning after December 31, 2020, employers with over ten employees must provide automatic enrollment and escalation for new 401k or 403b plans. The new law encourages Roth accounts within employer plans, aligning them with Roth IRAs and eliminating required minimum distribution rules. Small businesses benefit from increased tax credits for plan start-up costs, fostering retirement planning accessibility. What you'll hear: Introduction to Secure Act 2.0: Enacted on December 29, 2022, with 90+ new retirement plan provisions. Focus on retirement plan enhancements for employers. Automatic Enrollment and Escalation: Employers with over ten employees offering new plans must implement automatic enrollment. New employees start with a 3% salary reduction, escalating annually to 10-15%. Employees can opt-out of auto-enrollment and escalations. Encouragement of Roth Accounts: Roth accounts within 401k, 403b, and 457 plans no longer subject to required minimum distribution rules. Aligns Roth accounts within employer plans with Roth IRAs. Tax Credits for Small Businesses: Small businesses with up to 50 employees eligible for a 100% tax credit for plan start-up costs, capped at $5,000 per employer annually for three years. Businesses with 51-100 employees eligible for the original Secure Act's tax credits. Let's explore the Secure Act 2.0 and its implications for your retirement plans!   You can find Jennifer's book by clicking here: https://www.amazon.com/dp/0578376849 Thanks for tuning in to Naked Wealth, and until next time! Don't forget to subscribe, share, and leave a review for more entrepreneurial tips and empowerment insights! The opinions voiced in this show podcast are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision Connect with Jennifer Aube Wealth Management: W: https://www.jenniferaube.com IG: https://www.instagram.com/jenniferwaube PH#: (978)-874-3253 NAKED WEALTH BOOK: https://www.amazon.com/dp/0578376849