Retirement Rule Changes Coming
Whether you run a business with employees or you are an employee yourself with a retirement plan, be mindful of changes coming. The $1.7 trillion federal spending bill signed into law at the end of December included the SECURE 2.0 Act of 2022. Changes include automatic enrollment provisions, enhanced catch-up contributions, and Roth requirements on catch-up contributions for those earning a certain amount, just to name a few. To learn more, read CLA’s recent article – New Federal Law Changes Retirement Rules for Companies, Employees.
Employers, consider these changes to make sure your plan stays in compliance and for the changes that are optional, evaluate the impact and potential benefit that adopting them may bring. Employees, take advantage of the positives that these changes bring if you can. After all, the intent of the SECURE 2.0 Act is to enhance and protect retirement security.
Nathan is a CPA and has more than ten years of experience providing tax planning, consulting and compliance services to a number of privately held businesses and individuals in a variety of industries, with a special focus on the transportation and logistics industry. He actively communicates with clients and seeks ways to align their individual and business goals with available tax strategies to allow them to make well-informed decisions.
Comments are closed.