Why More Small Businesses Owners Are Offering 401(k) Plans to Employees

By Brit Morse, Inc. (TNS)

If your small business doesn’t offer a retirement account to your employees, now may be a good time to change that.

More small businesses across the country are taking advantage of new tax credits to offer 401(k) programs, according to a report from the Wall Street Journal. The new tax credits are widely available now thanks to the Setting Every Community Up for Retirement Enhancement (Secure) Act, which went into effect on Dec. 29, 2022. The federal legislation makes it more attractive for employers to offer retirement plans and potentially improve retirement outcomes, according to Ronald Ulrich, vice president of product consulting and compliance at ADP Retirement Services.

Rhett Stubbendeck introduced a 401(k) retirement program to all employees at his Omaha, Nebraska-based insurance company LeverageRx in January. Out of his 20 employees, 15 have enrolled…

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