I'm John Batchel. The Business of America is small business in 25 with a new presidency that is a familiar presidency.

It is the opportunity for small business in America to prosper.

And Gene Marks is the man to guide us. He writes the small business column for the Guardian newspaper,

the UK edition and the U.S. edition.

He also writes for our hometown newspaper, The Philadelphia Inquirer, and Forbes and other distinguished publications.

We're going now to Gene's Medium account, where you can find all the filings, because he writes for a lot of different publications.

We're going to start with his medium report on 25 and retirement plans for small and large

businesses.

There are changes afoot.

Gene, a very good evening to you.

Not to say that people should retire early.

I have not.

However, retirement plans are part of the responsibility of ownership.

In addition, they make a very easy way to compete with your rivals.

What is changing?

Good evening to you.

Hello, John, and happy New Year as well.

Yeah, there is a lot that's going on with retirement plans in 2025.

Certain parts of the Secure Act, it was a 2022 law. Actually, it was, that was the version 2 of that act, is going into effect this year.

And if you're running a business and you've got a 401k plan, you really do need to be

paying attention. So, for example, if you've created a 401k plan after December 29th, 2022,

so say you created a 401k plan for your business in 2023 or 2024.

...