New Tax Credits for Small Retirement Plan Sponsors

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One of the primary goals of the Setting Every Community Up for Retirement Enhancement Act (SECURE 2.0) is to expand access to employer provided retirement programs. In particular, smaller employers, who frequently do not offer retirement benefit plans. The SECURE Acts (1.0 and 2.0) add or expand several tax credits for smaller companies that open a retirement program, so business owners can adopt this powerful tool for attracting and retaining employees, including:

  • Tax Credit for Adding Automatic Enrollment
  • Tax Credit for Employer Contributions
  • Tax Credit for Military Spouses

Key Takeaways: Through these credits, a small employer may be able to adopt a plan and make employer contributions for very little cost. Companies should consider how a retirement program tailored to suit their specific work force and business needs can improve their recruitment, retention and engagement with top talent.

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Gallagher Fiduciary Advisors, LLC (“GFA”) is an SEC Registered Investment Advisor that provides retirement, investment advisory, discretionary/named and independent fiduciary services. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of AJG or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice.

Securities may be offered through Triad Advisors, LLC (“Triad”), member FINRA/SIPC. Triad is separately owned and other entities and/or marketing names, products or services referenced here are independent of Triad. Neither Triad nor their affiliates provide accounting, legal or tax advice.

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