{"id":2028,"date":"2019-12-21T22:12:33","date_gmt":"2019-12-21T22:12:33","guid":{"rendered":"https:\/\/tysllp.com\/?p=2028"},"modified":"2024-04-02T21:38:17","modified_gmt":"2024-04-02T21:38:17","slug":"2028-2","status":"publish","type":"post","link":"https:\/\/tysllp.com\/2028-2\/","title":{"rendered":"SECURE Act a Boon to Employers"},"content":{"rendered":"
\"Secure

Hands of female entrepreneur working with bills and documents<\/p><\/div>\n

Small-business owners secured a major recruitment tool<\/h1>\n

Small-business owners secured a major recruitment tool and an enhanced tax credit offering with the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act by the U.S. Senate. The bill, signed by President Trump\u00a0on Friday, Dec.\u00a020, 2019, is the most significant retirement savings reform legislation in nearly 15 years.<\/p>\n

Many small-business owners have often faced hurdles \u2013 costs, administration, and compliance requirements \u2013 in establishing a retirement plan for employees.<\/p>\n

\u201cThe tax credits this bill provides will allow virtually every small-business owner to put a retirement plan in place,\u201d said Michael Majors, Senior Director of National Retirement Sales at Paychex. \u201cThis will not only help them attract and retain talent, it will make a difference in helping employers help employees retire with dignity.\u201d<\/p>\n

What employers need to know about the SECURE Act<\/h2>\n

First off, businesses seeking to lower their tax liability have a major enticement with the higher tax credit, plus there are additional credits available that could help further.<\/p>\n

There are close to two dozen provisions in the SECURE Act, some benefiting employers, others employees. Here are some highlights:<\/p>\n