The Secure Act 2.0 offers options for small businesses who want to offer retirement plans
Many small businesses don’t offer a retirement plan to employees, since it can be quite costly and complicated
By MAE ANDERSON
Published - Mar 05, 2024, 10:12 AM ET
Last Updated - Mar 05, 2024, 10:19 AM EST
NEW YORK (AP) — Many small businesses don’t offer a retirement plan to employees, since it can be quite costly and complicated.
But the Secure Act 2.0 passed by Congress in late 2022 and being slowly rolled out is designed to make it easier for small businesses to offer retirement plans.
That's key — because offering a retirement plan can be a way to keep and retain quality employees.
The act allows small businesses to band together to pool resources to offer plans, called Multiple Employer Plans. While initially that could be a burden to set up, it would offer savings down the road since companies can save money on administrative costs.
