Earlier this month, the House Ways and Means Committee unanimously approved the Securing a Strong Retirement Act of 2021. Nicknamed "SECURE Act 2.0," the legislation builds on the tax credits and other retirement benefits that went into effect in December 2019 when the SECURE Act was passed. The bill, in its current form, includes many benefits for plan sponsors and participants.
| |Plan Sponsor Benefits
Tax credits. Starting in 2022, SECURE Act 2.0 increases the pension plan startup credit for small employers (up to 50 employees), to cover 100 percent of administrative costs for the first three years of 401(k) plan implementation.
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