News

Treasury Delays SECURE 2.0 Mandatory Roth Catch-Up Contributions to 2026

09/07/23

Author: ADP Admin/Tuesday, September 5, 2023/Categories: Compliance Corner , Federal Compliance Update

On Aug. 25, 2023, the U.S. Treasury Department and the Internal Revenue Service (IRS) issued Notice 2023-62, Guidance on Section 603 of the SECURE 2.0 Act with Respect to Catch-Up Contributions.

Click here to access this notice.

Among other things, the notice announced a two-year delay of section 603, which would have generally required employees earning over $145,000 to make any retirement plan catch-up contributions as Roth contributions, i.e., after-tax, beginning in 2024. The notice provided initial guidance on other provisions of the SECURE 2.0 Act as well.

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Tags: Compliance Corner 09/07/23

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