Tips for Starting a 401(k) Plan for Your Business | Chase for Business

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Footnote¹

Secure 2.0, contained in Consolidated Appropriations Act, 2023, P.L. 117-328, enacted December 29, 2022, increased the percentage of qualified start-up costs eligible for the up to $5,000 per year tax credit for the first three years from 50% to 100% for businesses with 50 or fewer employees. See the Internal Revenue Code, 26 U.S.C. 45E(a) et seq. See also https://www.irs.gov/retirement-plans/retirement-plans-startup-costs-tax-creditOpens overlay

Footnote²

See the Internal Revenue Code, 26 U.S.C. 45E(a) et seq. See also https://www.irs.gov/retirement-plans/retirement-plans-startup-costs-tax-creditOpens overlay

Footnote³

Under Internal Revenue Code, 26 U.S.C. 45E(f) added by SECURE 2.0, businesses with 100 or fewer employees may qualify for a tax credit for employer contributions made to employees earning $100,000 or less (eligible employees). The credit is a decreasing percentage of employer contributions, capped at $1,000 per eligible employee, equal to 100% for the first two plan years, 75% in year three, 50% in year four and 25% in year five. For plans with 51 to 100 eligible employees, these percentages are reduced by 2% for each employee in excess of 50.

This article is for Informational/Educational Purposes Only: The opinions expressed in this article may differ from the official policy or position of (or endorsement by) JPMorgan Chase & Co. or its affiliates. Opinions and strategies described may not be appropriate for everyone, and are not intended as specific advice/recommendations for any individual or business. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions, and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services or other content.

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ABOUT EVERYDAY 401(k) BY J.P. MORGAN

Everyday 401(k) is a recordkeeping service available to customers. This service is provided by JPMorgan Invest Holdings, LLC (JPMIH). After enrolling in the service, customers are directed to J.P. Morgan Asset Management for investments. All investments made will be tracked by the recordkeeping service.

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. The information is shown for illustrative purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Certain recordkeeping and related services for plans may be provided on behalf of JPMIH by Vestwell Holdings Inc.

Vestwell Holdings Inc. provides various fiduciary and non-fiduciary services on its proprietary recordkeeping platform to support tax-qualified retirement plans. To learn more about Vestwell Holdings Inc. and its services, please visit vestwell.comOpens overlay.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

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