What the SECURE Act Means for Small Business Owners
In this episode of Coffee with Carl, attorney Carl Zoellner provides an overview of the SECURE Act and its major features as they relate to small businesses and employees.
The SECURE Act, which stands for the Setting Every Community Up for Retirement Enhancement Act, was passed in July 2019. I’ve started receiving more questions about the impact of this legislation on clients’ businesses recently, so let’s go over the main ways the SECURE Act may change things for small business owners.
Retirement Plans for Part-Time Employees
The SECURE Act makes it easier for small businesses to offer employees 401(k)s. This is because the Act changes the minimum amount of hours worked for employees to qualify. It further implemented some age restrictions. The Act requires businesses to contribute to part-time employees’ retirement accounts, depending on the number of hours the employee has worked and their age.
Age Restrictions for Retirement Plans & RMDs
This Act also …