What are the things every small business owner in America should know about the new 401(k) retirement bill?   

Peter Clark
@Peter.Clark · Posted 20 May. 2022

Frank Lucas
@Frank.Lucas · Updated 20 May. 2022

The new 401(k) retirement bill is a law that was passed by the United States Congress and signed into law by President Trump on April 11, 2018. This new law is designed to protect small businesses from the rising costs of providing retirement benefits. The four in 10 businesses that offer retirement plans are not required to make contributions to their employees' accounts if they have less than $250,000 in annual revenue. However, if they have more than $250,000 in annual revenue, then they will be required to make contributions to their employees' accounts up to a certain percentage of their total compensation.

Jack Penn
@Jack.Penn · Posted 20 May. 2022

The Secure Act 2.0 is a new law that was signed by President Trump in April of 2018. It aims to make 401(k) retirement plans more accessible and affordable for small businesses. This new act offers several benefits to small business owners, such as:

-Increased contribution limits

-An increase in the amount of time for employees to contribute

-An option for employees to defer income until age 70 1/2

-The ability for employers with less than 100 employees to automatically enroll their employees in a 401(k) plan.

Richard Blake
@Richard.Blake · Posted 20 May. 2022

Small businesses can also offer retirement plans that are more affordable and flexible than what is currently offered on the market today. The new 401(k) retirement bill is a great opportunity for small businesses in America to take care of their employees. It will be easier for them to offer the secure act 2.0, which is a more affordable and simplified plan, and it will also help them with their retirement savings.

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