Proud Partner Of The Greater Phoenix Chamber For 77 Years
Fennemore’s client-focused approach means that in today’s complex and constantly evolving business and legal landscape, we aggressively protect the legal interests of the companies we serve, while identifying endless opportunities. As a law firm with 138-plus-years of storied history in Arizona and the Mountain West, and now, California, you can safely assume – and probably be correct – that we’ve nearly seen it all, and survived and thrived, while proudly serving our business clients.
We’re proud to partner with the Greater Phoenix Chamber — the foremost organization in Arizona helping businesses grow and thrive – and we proudly celebrate our “77th Chamber-versary!” And like the Chamber, we’re committed to helping take our esteemed business clients to the next level. Whether launching start-ups with our venture accelerator, leading high-stakes mergers and acquisitions for Fortune 500 companies, or handling bet-the-company litigation for growth-phase enterprises, Fennemore has the right lawyers for your business.
Fennemore possesses a culture that embraces diversity and inclusion, and yet, while we’re the oldest firm in the state of Arizona, we are among the youngest in leadership teams compared with other law firms when you look across the management committee and practice group chairs and vice chairs. This unique combination means that whether our attorneys and allied legal professionals are helping our business clients soar, or performing pro-bono work and volunteering on behalf of the Fennemore Foundation in the communities where we live work and play, we’re proud to be a part of the innovative fabric of Arizona – and the American west.
Chamber Member Profile: Ryan Curtis
Fennemore Attorney Ryan Curtis proudly serves on the Board of Directors for the Greater Phoenix Chamber, and we recently had the pleasure of talking with Ryan about the significance of our firm’s 77th Chamber-versary.
What does the Greater Phoenix Chamber mean to you – and what should businesses know about the work this organization does in town?
The Chamber brings ideas and people together to create business development and opportunity. This is good for businesses and in turn for the people who live in the Phoenix area. As Phoenix is home to many people who have come from other places, all should feel welcome. The same is true for businesses that move here or get their start here. The Chamber is a great way for new and growing businesses to get connected, just as it is for long-time businesses that have succeeded here for decades.
Your practice encompasses employee benefits and compensation under the Employee Retirement Income Security Act – any compelling trends that businesses should be aware of in 2023?
We still have a strong jobs market for individuals in 2023. That means it can be difficult for employers to attract and retain a qualified workforce. Competing for talent requires that employers have meaningful benefits packages. Contrary to popular belief, younger workers are becoming more interested in retirement plan options and other compensation that enable them to plan for the future.
On the ERISA front, you and your team have been highly involved in the SECURE Act 2.0. What should business owners – especially Boomers – know about these new retirement benefits?
SECURE Act 2.0 passed at the end of 2022 and is “sequel” legislation to another law passed in 2019. These laws do a number of things to improve retirement plans for all workers. For example, new retirement plans created in 2023 and after will need to automatically enroll employees and institute minimum deferrals to that plan.
Workers closer to retirement age should know that SECURE 2.0 extends the age when people must start taking distributions from their employer-sponsored retirement plans. For decades, individuals were generally required to begin taking distributions at age 70 ½ unless they were still working. The original SECURE Act changed that to age 72, and SECURE 2.0 changes the requirement to age 73. That changes again to age 75 beginning in 2033. SECURE 2.0 also increases the “catch-up contributions” that employees can start making to their 401(k) plans in the year they reach age 50. That amount is $7,500 in 2023 and is in addition to the amount that all workers may defer, which is $22,500 in 2023. That means that someone age 50 and up can now set aside $30,000 toward retirement to their qualified employer 401(k) plan in 2023.
SECURE 2.0 did not ignore younger works. Because more workers these days may have large student loan debts, younger workers are often forced to delay making meaningful 401(k) distributions and consequently miss out on employer matching contributions. SECURE 2.0 allows (but does not require) employers to make matching contributions to an employee’s retirement account based on student loan payments the employee makes. This provision is intended to enable employees to start building retirement savings even when they are paying off student loans.
For more information about how Fennemore can help your business soar, please visit: https://www.fennemorelaw.com/.