Small Business Adviser Employee Benefits

Starter 401(k) plans under SECURE 2.0: Helping small employers fast-track a retirement plan

By Lisa A. Tavares and Carol V. Calhoun

In 2024, a provision in the SECURE 2.0 legislation permits an employer that is not sponsoring a retirement plan to offer a starter 401(k) or safe harbor 403(b) plan to its employees that is exempt from certain nondiscrimination requirements.

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Starter 401(k): A fast, simple, budget-conscious solution for small employers

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6 SECURE 2.0 provisions that can empower small businesses & their employees

The American Retirement Association estimates that 19 million additional workers will gain access to a workplace retirement plan through SECURE 2.0's Starter 401(k) provision alone.

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Retaining talent is now a top priority for any business but workers whose employers offer a 401(k) retirement plan are on average 40% less likely to leave in their first year, according to Gusto economists.

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How do small businesses in CA survive the highest minimum wage in the U.S.?

West Hollywood's $19.08/hour wage – resulting from a law passed in 2021 mandating that wage increases be tied to the rate of inflation – is getting pushback from small business owners who want a moratorium on increases.

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SECURE 2.0 could help small businesses, but many are still unaware of the incentives

The new legislation provides small employers with increased tax credits for new plans and offers reductions on both start-up costs and administrative burdens, yet 2 in 3 small businesses don't offer 401(k)s, says a new survey.

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Small Business Adviser Employee Benefits

Top Small Business Adviser Employee Benefits Stories

Starter 401(k) plans under SECURE 2.0: Helping small employers fast-track a retirement plan

Starter 401(k): A fast, simple, budget-conscious solution for small employers

Industry groups tout new federal auto-IRA House bill for employers without a 401(k) plan

Recommended Just For You

Small Business Adviser Employee Benefits Stories

SECURE 2.0: A win-win for small businesses, employees and forward-thinking advisors

Small businesses & M&A transactions: Considerations when a company uses a PEO

6 SECURE 2.0 provisions that can empower small businesses & their employees

A 401(k) plan: The small business superpower for employee retention

How do small businesses in CA survive the highest minimum wage in the U.S.?

SECURE 2.0 could help small businesses, but many are still unaware of the incentives

The power of pooled employer plans: A guide for advisors and small businesses