Regulatory and Legislative

Employer Plan Tax Credits for Small Nonprofits Proposed

Senators James Lankford (R-OK) and Catherine Cortez Masto (D-NV) have introduced the Small Nonprofit Retirement Security Act. The bill would make tax credits available to tax exempt small employers for employer plan startup costs and the auto-enrollment credit.

Eligible employers are those organized under Internal Revenue Code Section (IRC Sec. 501(c)) and exempt from taxation under IRC Sec. 501(a). The proposal provides for a payroll tax credit for plan start-up costs, up to $5,000 per year for up to three years. Additionally, eligible employers that offer an automatic enrollment feature may be eligible for a $500 payroll tax credit for up to three years.

IRS

Regulatory and Legislative

DOL ESOP Proposed Rule Has Left OMB

DOL ESOP Proposed Rule Has Left OMB

The Office of Management and Budget has completed review of a proposed rule from the Department of Labor titled "Worker Ownership, Readiness, and Knowledge”.