Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). As previously discussed, the SECURE 2.0 Section 603 of SECURE 2.0

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401(k) Retirement Plan Education Finance 98

Insperity

OCTOBER 10, 2023

workers better prepare financially for retirement, at every stage of their employment journey. In requiring employers to take actions that can improve their employees’ financial wellness, the SECURE 2.0 employer-sponsored 401(k) plans. The Internal Revenue Service (IRS) will begin enforcing this provision in 2026.

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401(k) Retirement Plan Taxes Benefits Package 109

InterWest Insurance Services

DECEMBER 20, 2022

1, 2026, it applies to all licensed contractors or applicants for licensure, regardless of classification, unless they are organized as a joint venture and file a certificate of exemption from workers’ compensation. Employers would no longer be required to evaluate whether their method of ventilation is adequate to reduce risk.

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401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 98

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. requires catch-up eligible participants who received more than $145,000 in wages from their employer in the prior year to make catch-up contributions on a Roth basis. More specifically, SECURE 2.0

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401(k) Retirement Plan Taxes Employee Benefits 52

Benefits Notes

AUGUST 29, 2023

as an election to make such contributions on a Roth basis; and (iii) in the case of multiple employer and multiemployer plans, Section 603 of SECURE 2.0 would not require unrelated employers to aggregate the wages of plan participants to determine which participants are limited to making only Roth catch-up contributions.

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401(k) Retirement Plan Executive Compensation Taxes 52

Proskauer's Employee Benefits & Executive Compensa

AUGUST 28, 2023

requirement that catch-up contributions for participants with FICA wages of more than $145,000 during the prior calendar year from the employer maintaining the plan must be made on a Roth basis. On Friday, the IRS released Notice 2023-62 , which addresses certain pressing implementation issues related to the SECURE 2.0 Under SECURE 2.0,

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Taxes Employment 401(k) 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Although Notice 2024-02 offers helpful guidance for employers and plan administrators, it does not include hotly anticipated guidance on SECURE 2.0 requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. Merger of Pre-SECURE 2.0

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401(k) Taxes Retirement Plan Employment 111