Starting a new Retirement Plan? Free credits from IRS. Let us help!

Pension Maxima Investment Advisory Test
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    • Home
    • About
    • New Plan Credits
    • Plan Services
    • Financial Wellness
    • Medicare
    • Media
    • Contact
  • Home
  • About
  • New Plan Credits
  • Plan Services
  • Financial Wellness
  • Medicare
  • Media
  • Contact

Secured act 2.0 credits

Why is a Company Retirement Plan Important?

Secured act 2.0 CreditS

Start-up Credit - Form 8881

Start-up Credit - Form 8881

Start-up Credit - Form 8881

  1. Three tax years start-up credit
  2. Credit = 100% (up to 50 employees) or 50% (over 50 employees) of plan cost


Formula:  $250 * the number of eligible employees, not to exceed $5,000

Other Credits

Start-up Credit - Form 8881

Start-up Credit - Form 8881

1.  Autoenrollment Credit:  $500

2.  Employer Contribution Credit:  Per-employee cap of $1,000  (50 or fewer employees) declining scale over 5 years.

100% in Year 1 & 2

75% in Year 3

50% in Year 4

25% in Year 5

NY State Manadate

Qualifying Questions:

1.   Do you have 10 or more employees?

2.  Company has been established for at least 2 years

3.  No tax-qualified retirement plans 

==> You are required to set up a RETIREMENT PLAN or fall under the NY State Automatic IRA Reduction Plan.

Start a Plan NOW!

Benefits of a retirement plan

Tax Benefits

Start Saving for Retirement

Attract and Retain Talent

Secured Act 2.0 Start-up Credit, Employer Contribution Credit, Auto-enrollment Credit

Attract and Retain Talent

Start Saving for Retirement

Attract and Retain Talent

Attract top talent and increase employee productivity and loyalty

Start Saving for Retirement

Start Saving for Retirement

Start Saving for Retirement

The earlier you start conributing, the more your money can grow through compounding

podcast on Secured ACT 2.0 Video

Benefits from Secured Act 2.0

Interview with Michael Van Husen, Paychex


Frequently Asked Questions

It has lower contribution limits since it is an IRA.  It also does not allow employer contributions, making 401(k) plans more preferable for both employer and employees.

The State sponsored IRA will be Roth, so no Pre-Tax saving option for high income earners.

 

Failing to comply can result in significant penalties starting at $250 per employee in the first year, escalating to $1,000 per employee by the third year of non-compliance.

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