FOR BUSINESSES
FOR RETAILERS BY RETAILERS
Running a small retail business means juggling countless responsibilities, from managing inventory to ensuring exceptional customer service—it's a lot to handle. That's why the Alliance of State Retail Associations 401k Plan & Trust, a closed Multiple Employer Plan (MEP) designed by retailers for retailers, is here to help. We understand the unique challenges retailers face, and our plan is tailored to alleviate the stress and complexity of offering a 401k. With our comprehensive solution, you can confidently provide retirement benefits to your employees without the administrative burden, freeing up your time to focus on what truly matters: growing your business.
TAX CREDITS
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START UP TAX CREDIT
Eligible employers may receive a tax credit of up to $5,000 per year for the first three years of the plan, effectively covering a substantial portion of the administrative expenses associated with setting up and maintaining the retirement account.
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EMPLOYER CONTRIBUTION TAX CREDIT
For eligible employers that make contributions to employee retirement accounts, such as a 401(k) or SIMPLE IRA, the SECURE 2.0 Act offers a credit equal to 100% of qualifying contributions made for employees who are eligible for the plan. This credit can be up to $1,000 per employee per year for the first five years the plan is in place.
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AUTO-ENROLLMENT TAX CREDIT
The SECURE 2.0 Act includes provisions aimed at enhancing retirement savings through the establishment of automatic enrollment in employer-sponsored retirement plans. One significant feature of this legislation is the introduction of a tax credit for small businesses that implement automatic enrollment.
PLAN BENCHMARKING
To facilitate informed decision-making, a complementary benchmark analysis can be provided for interested employers. This analysis will compare their current retirement plan features and costs against industry standards, highlighting areas for improvement and potential savings. By understanding how their offerings stack up against competitors, employers can make strategic adjustments to enhance their benefits package.
