New year brings new rules for 401(k) and SIMPLE IRA employee savings plans
One of the most popular New Year’s resolutions Americans make is to save more money for retirement.
This year, they’ll start getting some extra help from the federal government, which means their employers – including construction firms like yours – need to be up to speed on the latest requirements to help your team members reach their retirement savings goals.
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Increasing retirement savings – and tax revenue
On Jan. 1, 2024, a set of new rules began going into effect for how your company manages its employee savings plan, such as a 401(k) or SIMPLE IRA.
The SECURE 2.0 Act (so named because it’s the sequel to the Setting Every Community Up for Retirement Enhancement Act of 2019) seeks to boost Americans’ retirement savings ... but it’s also aimed at generating federal tax revenue sooner rather than later by making “pay-now” Roth accounts more attractive than standard “pay-later” IRAs.
