In a fairly rare but welcome act of bipartisanship, the House passed the Secure Act, legislation intended to help the country’s small businesses. Among other things, the Act will:
- make it easier for small businesses to collaborate on offering offer 401(k) plans
- repeal the maximum age, which currently is 70.5 years old, to contributing to traditional IRAs
- require businesses to permit their part-time but long-term employees participate in retirement vehiclese
NAWBO, the National Association of Women Business Owners, was a strong supporter of this bill.
If passed in the Senate – which is expected – and signed into law by the President, this legislation aims to support entrepreneurs in New York and elsewhere. Stay tuned to The Coppola Firm for more news on the Secure Act.
