SECURE Act Tax Credits for Business Owners

Several states have mandated retirement plan access for employees of small businesses to address the retirement savings gap that many employees face, this has opened NEW markets for annuity sales!

Business owners impacted by these mandates can:

Register with the state, enroll all eligible employees in the state program, set up payroll deductions for each employee or claim exemption by choosing to offer an alternative qualified plan such as:

1. SEP – (Simplified Employee Pension) IRA
2. SIMPLE – (Savings Incentive Matching Plan for Small Employers) IRA

And potentially take advantage of up to $6,500 in tax credits for retirement planning!

Employers who have enrolled their employees in a state mandated retirement plan are not eligible for these tax credits.

Learn more about state mandates and use these resources to start the SIMPLE or SEP IRA Simply Makes Sense conversation.

Comparing Retirement Plans

SEP and SIMPLE IRA Plan Implementation Checklist

SIMPLE IRA

SEP IRA

IRA Resources

IRS Retirement Topics – Automatic Enrollment
Which states have mandatory retirement plans?

In an environment that is challenging to attract and retain high-quality talent, a SIMPLE IRA or SEP IRA may be just the alternative some employers/employees are looking for to provide a more employee-centric and customized retirement plan.