As we approach the end of the year, it’s important for Plan Sponsors
to be aware of the new tax planning opportunities available under the SECURE
Act. Plan Sponsors are now able to make a new tax-favored contribution to their
existing plan after the close of their current tax year. This means that plan sponsors have until their
tax filing deadline, plus extensions, to fund a contribution for the prior tax
year.
The SECURE Act and SECURE Act 2.0 provisions can be
particularly helpful for employers who didn’t have the financial resources to make
additional contributions during their
current tax year.
The ability for retirement plan sponsors to retroactively
amend their existing plan or implement a new one after the close of their tax
year can yield significant tax benefits.
Plan Sponsors should consult with their
tax professional before making any
decisions. For more information on how you can maximize your company retirement
plan for you and your employees, contact the Innovative Investment Fiduciaries,
LLC team at (856)-242-3328 or email resources@iifria.com.
