The Setting Every Community Up for Retirement Enhancement (SECURE) Act (H.R. 1994) would make a number of favorable changes for small businesses that help their employees save for retirement. It would increase the potential tax credit for setting up a retirement plan and create a credit for auto-enrollment option in a qualified retirement plan. It would also repeal the maximum age for contributing to a traditional IRA, which would help those who work past age 70½. The proposals would take effect in 2020 if the bill is enacted. Chances that this bi-partisan bill will be enacted: who knows?
Barbara Weltman
Big Ideas for Small Business, Inc.
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