Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. 401(k) Plans : If two or more 401(k) plans established before December 29, 2022, merge into a single ongoing plan, the ongoing plan is not subject to the SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Insperity

OCTOBER 10, 2023

employer-sponsored 401(k) plans. Act seeks to: Open access to 401(k) retirement plans to more people Provide greater opportunities to save Offer financial incentives to save while removing common barriers and penalties So, what does the law require of employers? The SECURE 2.0 The SECURE 2.0

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

includes several changes intended to improve employee access to workplace-based retirement savings. Among other changes, it: Requires automatic enrollment for new 401(k) and 403(b) plans that are first established after SECURE 2.0’s

401(k) 108

401(k) Retirement Plan Taxes Finance 108

Snell & Wilmer Benefits

AUGUST 28, 2023

requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. requirement applies for tax years beginning after December 31, 2023. requirement applies for tax years beginning after December 31, 2023. More specifically, SECURE 2.0 This SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

Benefits Notes

DECEMBER 28, 2022

Catch-up contributions will now be subject to Roth after-tax treatment for those earning more than $145,000 in the prior year. Effective for distributions made after December 31, 2023, the 10% tax on early distributions does not apply for distributions for domestic abuse survivors. Increase in Cash-out Limit.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

Proskauer's Employee Benefits & Executive Compensa

AUGUST 28, 2023

starting January 1, 2024, all catch-up contributions made by participants with more than $145,000 in FICA wages from the employer maintaining the plan in the prior calendar year are required to be made on a Roth basis ( i.e. , after-tax). Under SECURE 2.0,

Taxes 52

Taxes Employment 401(k) 52