New Tax Credits for Establishing a Retirement Plan for your Business!

According to a recent Pew study, the top reason why small businesses do not sponsor a 401(k) plan today is cost. Higher tax credits may promote better implementation and utilization of corporate sponsored retirement plans.
Before the SECURE Act, a small business (up to 100 employees) could claim a tax credit equal to 50% of their retirement plan startup costs, up to a $500 limit.
Now, the limit is the greater of (1) $500 or (2) the lesser of (a) $250 multiplied by the number of non-highly compensated employees eligible for plan participation or (b) $5,000. This credit is available for up to three years.

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Additional Credits

Small businesses can earn an additional $500 tax credit by adding an automatic enrollment feature to a new or existing 401(k) plan. The credit is available for each of the first three years the feature is effective.

A Recipe For Success

Combine these savings along with the efficiency, economies of scale, and professional management of our (MEP) Multiple Employer Retirement 401k Plan, and you’ve got a recipe for success!
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Click here to request a free brochure and proposal to see how our MEP 401k can help your business!