Whether you run a business with employees or you are an employee yourself with a retirement plan, be mindful of changes coming. The $1.7 trillion federal spending bi...
Whether you run a business with employees or you are an employee yourself with a retirement plan, be mindful of changes coming. The $1.7 trillion federal spending bill signed into law at the end of December included the SECURE 2.0 Act of 2022. Changes include automatic enrollment provisions, enhanced catch-up contributions, and Roth requirements on catch-up contributions for those earning a certain amount, just to name a few. To learn more, read CLA’s recent article – New Federal Law Changes Retirement Rules for Companies, Employees.
Employers, consider these changes to make sure your plan stays in compliance and for the changes that are optional, evaluate the impact and potential benefit that adopting them may bring. Employees, take advantage of the positives that these changes bring if you can. After all, the intent of the SECURE 2.0 Act is to enhance and protect retirement security.
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