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SECURE Act 2.0: Small Employer Pension Plan Start-Up Credits
By Louis F. LiBrandi, Principal and Keely Portillo, Tax Professional
The SECURE Act 2.0, signed by President Biden late last year, increased incentives to encourage small business owners to establish retirement plans, making changes to the start-up credit and adding the contribution credit.
By taking advantage of the tax credits, employers who currently do not maintain a retirement plan would be able to provide a low- or no-cost employer-sponsored employee benefit. Employers who are looking to attract or retain workers should review these available credits as they are effective beginning in 2023. The details follow.
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