New Starter 401(k) Retirement Plans for Small Businesses
This act introduces new, simplified 401(k) retirement plans for employers who previously did not offer any retirement savings programs. This will allow more individuals to automatically save for their future, with the option to opt out or change contribution levels. The goal is to make retirement saving easier, especially for employees in smaller companies.
Key points
Simplified 401(k) plans for employers without existing retirement programs.
Automatic enrollment of employees with an opt-out option.
Contribution limit of $6,000 per year, subject to cost-of-living adjustments.
Simplified reporting requirements for employers.
Allows for catch-up contributions for individuals aged 50 and over.
Status:
Expired
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