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SECURE 2.0 Act Changes Affecting Family Business Owners - Pat Soldano

The SECURE 2.0 Act was signed into law on December 29, 2022, and contains a number of provisions impacting employer retirement plans. As a family business owner, it is important to stay on top of changes in the law that may impact your business or your retirement plans.


Below are three SECURE 2.0 retirement plan changes that family business owners should be aware of.


  1. Tax credits for start-up costs. Beginning in 2023, businesses with 50 or fewer employees are eligible for a tax credit on up to 100% of retirement plan start-up costs. Businesses with 100 or fewer employees may also be eligible for a credit on a percentage of employer contributions.
  2. Automatic enrollment. Beginning in 2025, 401(k) plans will be required to automatically enroll eligible employees. However, there are exceptions for businesses with 10 or fewer employees and businesses in existence for less than 3 years.
  3. Part-time employee participation. Beginning in 2025, employers will be required to allow part-time employees to contribute to the employer’s retirement plan if they have 500 or more hours of service for two consecutive years.

Read more about the SECURE 2.0 Act and tax strategies for high-income individuals.

How Does The SECURE 2.0 ACT Affect You?

Top Five Personal Tax Strategies For High-Income Individuals

*Click here  to read how we calculate client retention rate.

About Homrich Berg
One of the 50 largest registered investment advisor firms in the country based on assets under management, HB was a pioneer when we founded our firm in 1989 with a focus on serving clients with a fiduciary approach. We have grown to serve clients in 45 states from our home base in metro Atlanta and now have 38 principals and more than 175 employees. We have kept our core values constant and kept our focus on our clients even as we have continued to be a pioneer in using technology and expertise to find new ways to provide great service to our clients. A key part of our success is attracting great people who enjoy our culture and our approach. We have received many awards over the years, but we are most proud of our 98%+ client retention rate*. Community is important to HB, as we give our time and resources to help make a difference. To learn more about HB, visit

We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.

The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.

Family Enterprise USA promotes family business and job creation, growth, and sustainability by advocating for family businesses, their lifetime of savings, and the issues they face running their businesses every day. Some of the issues we fight for or against with Congress in Washington DC are high Income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift, estate and generation skipping taxes. Family Enterprise USA represents and celebrates all sizes and industries of family businesses and multi-generational employers.

Family Enterprise USA (FEUSA) is a 501(c)(3) non-profit organization. Family foundations can donate.

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Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. Family Enterprise USA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of Family Enterprise USA.