Vicki Hitchcock, Principal, Audit and Accounting Services at Gorfine, Schiller & Gardyn, discusses the SECURE 2.0 Act.
GSG’s Vicki Hitchcock recently authored a guest article for the Maryland Daily Record about how the SECURE 2.0 Act could help Maryland companies counter the “Great Resignation.”
The law aims to expand automatic enrollment in retirement plans. It will also allow participants to make employer-matched Roth contributions. This means that employees can take advantage of the tax benefits, which includes only being taxed on the earnings of the money – and not being taxed on the actual contributions. People will also be able to start participating in plans earlier, which means more savings now and an easier time reaching financial goals down the line. This is important considering the challenges of the financial climate these days.
Here are key highlights from this interview:
- A high-level overview of the new policy and what has changed (:35)
- How the act enhances retirement options for businesses, and how it can counter the “great resignation.” (1:15)
- Why educating employees and plan sponsors about this legislation is important. (3:00)
- How GSG can help. (3:50)
- If passed, how the SECURE 2.0 Act has an expected effective date after 12/31/2023. (4:25)
Please contact us here to learn more about how GSG can help educate you on these potential changes.Categories: Podcast, Tax Planning, Employee Benefit Plans, Retirement Planning