what ’ s working
SECURE Act Helps Small Businesses Offer Robust Retirement Benefits
Through AWB ’ s MyFuture program , small businesses in Washington can take advantage of new tax credits while helping employees build a brighter financial future .
Debbie Ritenour
The Setting Every Community Up for Retirement Enhancement ( SECURE ) Act builds on existing incentives to encourage small businesses to offer employersponsored retirement plans like AWB ’ s successful MyFuture 401 ( k ) plan .
At A Glance
The SECURE Act of 2019 was designed to help more Americans access retirement plans .
The act provides new and increased tax credits for small businesses that offer retirement plans to their employees .
The act also makes it easier for small businesses to join multiple employer plans and pooled employer plans .
AWB members already have access to an existing and thriving multiple employer plan known as MyFuture .
Historically , small employers struggle to provide employees with the same benefits as larger employers . Even when small businesses are able to offer competitive salaries , they often find it difficult to match the retirement benefits of larger businesses , which have the leverage to negotiate lower fees and more favorable terms .
The Setting Every Community Up for Retirement Enhancement ( SECURE ) Act aims to help change that .
Passed in December 2019 with bipartisan support , the SECURE Act addresses the growing realization that Americans are significantly underestimating — and underfunding — their long-term financial needs . It was designed to expand access to retirement plans , including workplace options like 401 ( k ) plans . While the original bill was drafted long before the coronavirus entered the collective consciousness , in many ways the timing couldn ’ t have been better .
22 association of washington business