SECURE 2.0: Big Impact for Small Businesses

A recent AARP study found that nearly half of all private sector employees ages 18 to 64 had no access to a retirement plan at work. It also found that small businesses are more likely to lack a work-based plan, putting their workers at a significant disadvantage when it comes to retirement preparations.1



Last December, Congress passed a $1.7 trillion omnibus package that included the SECURE 2.0 Act of 2022, a package of legislation designed to improve the nation’s retirement-planning health.* Here are a few provisions that may be of particular interest to small business owners.

Tax Perks for Employers

Beyond the obvious benefits for employees, providing access to a retirement plan might also help a small business build and retain a quality staff. To that aim, the Act enhances the tax credits offered for the adoption of new retirement plans, beginning in 2023.

For employers with 50 employees or less, the pension plan start-up tax credit increases from 50% of qualified start-up costs to 100%. Employers with 51 to 100 employees will still be eligible for the 50% credit. In both cases, the credit maximum is $5,000 per year (based on the number of employees) for the first three years the plan is in effect. In addition, the Act offers a tax credit for employer contributions to employee accounts for the first five tax years of the plan’s existence. The credit amount is a maximum of $1,000 per participant, and for each year, a specific percentage applies. In years one and two, employers receive 100% of the credit; in year three, 75%; in year four, 50%; and in year five, 25%. The amount of the credit is reduced for employers with 51 to 100 employees and is not available to employers with more than 100 workers.

More Rule Changes Ahead

Beginning in 2024, employers will be able to adopt a starter 401(k) or similar 403(b) plan, which is designed to be lower cost and easier to administer than other types of employer-sponsored plans. This type of auto-enrollment plan will be for employee contributions only, up to a maximum of $6,000 per year ($7,000 for those 50 and older), indexed for inflation.


Comparing Workers’ Savings: With Retirement Plan vs. Without

Marginal tax rate: Single taxpayers: 10%: Income up to $11,000, 12%: $11,001 to $44,725, 22%: $44,726 to $95,375, 24%: $95,376 to $182,100, 32%: $182,101 to $231,250, 35%: $231,251 to $578,125, 37%: income over $578,125. Married couples filing jointly: 10%: income up to $22,000; 12%: $22,001 to $89,450; 22%: $89,451 to $190,750; 24%: $190,751 to $364,200; 32%: $364,201 to $462,500; 35%: $462,501 to $693,750; income over $693,750.

Source: Employee Benefit Research Institute, 2022. Retirement plans include defined contribution plans, defined benefit plans, and IRAs. Numbers may not add up to 100% due to rounding.


SIMPLE plans may benefit from two new contribution rules that take effect in 2024. First, employers may make nonelective contributions to employee accounts up to 10% of compensation or $5,000. Second, the annual contribution limits (standard and catch-up) for employers with no more than 25 employees will increase by 10%, rather than the limit that would otherwise apply. An employer with 26 to 100 employees would be permitted to allow higher contributions if the employer makes either a matching contribution on the first 4% of compensation or a 3% nonelective contribution to all participants, whether they contribute or not.

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Matthew Englade

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Angela Englade

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Jacob Ashford

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Matthew Englade

Matt graduated in 2008 from Southeastern Louisiana with a bachelor's degree in business. He started his career in financial services, working as a staff member with Delahaye and Associates, where he eventually became a partner.

In 2022 he formed Englade Insurance and Financial Services, where his primary focus is serving his client’s best interest. “But even if you should suffer for what is right, you are blessed.” 1 Peter 3:14

Matt is a resident of Central, LA and enjoys spending time with his wife, Angela, and three children. He also enjoys coaching middle school basketball and giving back to his local church.

Jacob Ashford

Jacob is currently a student at Southeastern Louisiana University and is studying in the College of Business as a Marketing Major.

Jacob pursues his career by working with Matt and Angela in their mission to spread financial sustainability with their current and future clients. He also donates his time to the Southeastern's College of Business by participating in numerous career services for the city of Hammond.

Having two younger sisters, Jacob understands the importance of protecting family values and leading a path to a secure future.

Nathan graduated from Texas A&M University Class of 2006 with a degree in Agriculture Leadership & Development. Nathan has been in public service as a firefighter since 2008. In addition he and Katherine have started, operated, purchased, and sold multiple small business’. Through his experiences; Financial Services has been a lifelong pursuit for Nathan and he is excited to be a resource for people like you, your family, and your business.

Angela Englade

Angela graduated from Southeastern Louisiana University with a Bachelor of Science degree in Nursing. She worked as a Labor and Delivery nurse for 14 years. She decided to continue her love for caring for others through helping people obtain financial health and wellness.

She joined Englade Insurance and Financial Services to guide Matt's clients on becoming aware of potential roadblocks and achieve financial peace of mind. In her free time, she enjoys spending time with her family and exercising.

Along with Matthew, she volunteers many hours to local charities to give back to the community.

Eve is happily married to her best friend Rick since 2012. They enjoy recreational trips like hiking and camping, visiting the beaches in the Gulf of Mexico, and trips to Walt Disney World. They are active in their congregation, donating their time and effort to help run the Audio/Visual presentations for services. She is grateful for all God has given her and believes all the glory goes to Him.

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Matt is a board member of CALEF and is involved committed to its long-term success. The mission of CALEF is to provide police, fire and EMS personnel with the safety equipment they need to serve and protect with excellence. We provide all-day rifle protection and other safety equipment to local law enforcement, fire and EMS personnel. CALEF believes that communities are safer and stronger when local law enforcement, fire and EMS personnel are properly equipped to do their job.

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Matt and Angela are active members of the church and school communities of St. Alphonsus Liguori Catholic Parish. Their mission is to form students in the Catholic Faith spiritually, academically, physically, and culturally in an environment of academic excellence. St. Alphonsus Liguori Catholic School is committed to providing a positive, faith-filled environment for children to learn. Our comprehensive curriculum is designed to promote academic excellence and the spiritual growth of our students, coupled with an appreciation of how service to others makes the world a better place. We strive to expand their potential to become leaders.

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