secure 2.0 - new law may allow new plans to start up for 'free' - this is a big deal
On December 29, 2022, President Biden signed the SECURE 2.0 Act which has many changes and options for retirement plans. Among them is the following:
New plans for employers with under 50 employees who have not had an existing plan in the prior 3 taxable years, including SIMPLE or SEP, may get a 100% tax credit for eligible start up costs.
Such new plans may even get up to 100% of a tax credit for employer contributions (match or profit sharing) for the 1st two years, with partial credit for the next 3 years.
As always, there are many details about this, so please contact me for additional information and to make sure your potential new plan will qualify.
hAWAII5500'S SECURE CLIENT PORTAL IS NOW ACCESSIBLE FROM OUR WEBPAGE.
Wow, 7/1/22 and it's 5 years since formally going into business as Hawaii5500 LLC.
What an interesting and unbelievable five years it's been, personally, professionally and globally.
I'm happy to say that Hawaii5500 is thriving and continues to grow.
Mahalo to all who believe in us.
2021 Limits Announced
Just released – 2021 Retirement Plan Limits. There were only a few limits that changed, of note:
Note that the following limits remain the same for 2021:
Choosing a service provider
Some thoughts to consider when choosing a service provider:
A bill has been introduced to increase the automatic cashout limit for terminated participants from $5,000 to $8,000. Hawaii5500 will keep you updated.
Stay tuned for updates regarding the recently passed SECURE Act as well as Hardship Withdrawal Amendment requirements.
September 28th, 2018
Please email me for a complimentary ticket to upcoming SHRM Hawaii Annual Conference on Leading Workplace Excellence on October 12, 2018. This is better than a Coupon Code!
It's the 5th of the Month so it's 5500 Day.
Having just hit my one year anniversary as Hawaii5500 LLC, here are 5 thoughts:
1. Mahalo to my clients and referral sources who have continued to do business with me and refer new business to me
2. Please remember to exclude social security numbers from unencrypted files and emails
3. Have you reviewed your retirement plan related fees for their reasonableness?
4. Wrap Plan documents for health and welfare benefit plans have multiple purposes. Contact me if you'd like to learn more.
5. Finally, mahalo to past mentors and role models who have helped me (sometimes inadvertently) get where I am today to be able to provide compliance services to my clients
Jeff Esmond is an aspiring blogger.