Human Interest Supports SECURE Act 2.0.
SECURE Act 2.0 may increase access to retirement savings—and make it more affordable for small business owners to provide plans.
What does SECURE Act 2.0 mean for small businesses?
SECURE Act 2.0 has 90+ provisions. Here are some of the most important.
Auto-enroll will be required for all plans launching in 2025 or later.
Additional tax credits can help small businesses offset the cost of offering a retirement plan.
Small financial incentives may be offered to employees to sign up for retirement plans.
More part-time workers can access retirement accounts.
Increased access to retirement savings with penalty-free withdrawals during emergencies.
Student loan repayment matching. Read more about how this has worked in pilot cases.
Maximize New Tax Savings
Expanded SECURE 2.0 Act small business tax incentives
Doubles tax credits for new plans: Small businesses with up to 50 employees may be eligible for a tax credit to cover 100% of plan start-up costs (up from 50%), capped annually at $5,000 for three years (a total of $15,000). Eligible businesses with 51-100 employees are still subject to original SECURE Act tax credits equal to 50% of administrative costs, capped annually at $5,000 for three years.
Adds new credits for employer contributions: Small businesses with up to 50 employees will receive a new tax credit based on a percentage of employer contributions, up to $1,000/employee for those making less than $100,000. Employers with 51-100 employees qualify for a phase-in credit (click here to learn more).
Expands eligibility for the start-up tax credit: Start-up tax credits are extended to employers based on the year they join existing multiple employer plans (rather than only if they join a new plan).
Maintains tax credit for using auto-enrollment: The tax credit of $500 per year for the first three years of electing auto-enrollment is still available.
Our mission + SECURE Act 2.0
Closing the retirement savings gap
The US retirement funding gap was estimated at $28 trillion in 2015, it’s projected to balloon to $137 trillion by 2050.¹ SECURE Act 2.0 is a big step forward in closing this gap.
More tax incentives for SMBs to start or offer employee retirement plans.
Expanded access to retirement savings opportunities, especially for part-time and hourly workers.
Increased flexibility for savers aged 50+ to ramp up savings as they near retirement.
Default plan features aimed to help set savers up for a meaningful retirement.
Retirement Savings Access
SECURE Act 2.0 can help reduce retirement inequality
According to the Bureau of Labor Statistics, 3 in 10 employees in 2022 lacked access to a way to save for retirement through work—with the retirement savings gap disproportionately affecting employees in specific groups.
Start an affordable, accessible retirement plan
Learn how SECURE Act 2.0 may help increase your tax savings.Get Started