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Local lenders recognized by SBA
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The U.S. Small Business
Retirement, Reinforced.
Administration’s Minnesota District honored 10 lenders throughout the state for their commitment to helping small businesses succeed.
SECURE 2.0 Act can help make saving for retirement easier and more accessible for employees, business owners, and retirees. By Sarah Noble
Several local lenders made the list: SBA Minnesota National Lender: U.S. Bank, National Association SBA Minnesota Lender Assets $1B and over: Frandsen Bank & Trust SBA Minnesota Lender Assets $500MM to $1B: BankVista SBA Minnesota Credit Union: Magnifi Financial Credit Union SBA Minnesota CDC (Certified Development Company) by Loan Volume: Minnesota Business Finance Corporation
Park Industries promotes Hegland Park Industries announced the promotion of Meagan Hegland to vice president of sales and marketing. In this role, Hegland will continue to lead Park Industries’ sales team, remaining focused on the development and execution of sales strategy, and assume the responsibility of overseeing the marketing department. Previously a national sales manager for Park Industries, Hegland has been with the organization since 2021.
PleasureLand RV Center donates to conservation PleasureLand RV Center and the Dan Pearson family made a donation to Pheasants Forever (PF) in memory of Justin Pearson, an upland hunter and conservationist. The contribution was used to fund a trio of mission priorities in Minnesota, including the 267-acre Justin V. Pearson Memorial Tract at Powers Lake Wildlife Management Area, the 280-acre Wendland Waterfowl Production Area as an addition to Beyer WPA, and the expansion of PF’s private lands biologist team.
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BusinessCentral Magazine.com // N O V E M B E R / D E C E M B E R 2 0 2 4
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ECURE 2.0 Act, officially known as the Setting Every Community Up for Retirement Enhancement Act, is a piece of legislation aimed at making retirement savings more accessible and effective for Americans. Building on the original SECURE Act of 2019, this updated version in 2024 introduces several key changes designed to help more people save for retirement and simplify the rules for businesses that offer retirement plans.
Who and What
SECURE 2.0 Act impacts a wide range of individuals and organizations, including: Employees: The act provides more opportunities and incentives for employees to save for retirement. This includes automatic enrollment in retirement plans, increased catch-up contributions for older
workers, and quicker eligibility into retirement plans for part-time workers. Business Owners: Employers will need to adjust their retirement plan offerings to comply with the new rules. This includes setting up automatic enrollment for new employees, adjusting matching contributions, and potentially dealing with new tax credits and penalties. Retirees: The act raises the required minimum distribution (RMD) age from 72 to 75, giving retirees more flexibility in how they manage their retirement savings. Changes and Updates
Business owners should be aware of several key changes that may affect their businesses. Automatic Enrollment: One of the standout features of SECURE 2.0 Act is the push for automatic enrollment. Beginning in
2025, businesses with more than 10 employees will be required to automatically enroll new employees in their retirement plans. This aims to increase participation rates and help more people save for the future. Increased Catch-Up Contributions: For those aged 62, 63, and 64, the catch-up contribution limit to 401(k), 403(b), and governmental 457(b) plans will increase. This gives older workers a greater chance to boost their retirement savings as they approach retirement age. Expanded Eligibility for Part-Time Workers: Under SECURE 2.0 Act, part-time employees who work at least 500 hours a year for two consecutive years are eligible to participate in their employer's retirement plan. This is a significant change that expands retirement saving opportunities for