Mary Beth’s Corner In the world of retirement savings plans, businesses often find themselves evaluating their options to better suit the needs of their employees and their company’s growth. One common transition many businesses consider is moving from a SIMPLE IRA plan to a Safe Harbor 401(k) plan –
Mary Beth’s Corner The Setting Every Community Up for Retirement Enhancement (“SECURE”) Act of 2019 requires that 401(k) plans permit employees who have worked for at least 500 hours of service over three consecutive years and attained age 21 before the close of those three years must be allowed to
Internal Revenue Service (IRS) announced an administrative transition period that delays the requirement for participants to “Rothify” their catch-up contributions until at least 2026.
Time is a precious resource when managing a business and running accurate payroll can be time consuming and complex. Payroll Integrations and aggregators can automate a plans payroll experience between the Plan Sponsor, Recordkeeper and TPA.
New mandates require catch-up contributions to be made as Roth starting 2024 and increased catch limits starting in 2025.
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