The information contained herein is not a substitute for 401k guidance. All clients are advised to consult with their own 401k plan administrators. Your reliance upon information obtained by you or through these posts is solely at your own risk. PlanSource makes no warranties or representations regarding the information herein.
Your plan is to enjoy your retirement years — and we’re here to help. Saving for your future using an employer-sponsored retirement plan is a powerful first step in making that happen.
We have an update regarding Secure 2.0 and the previously reported required provision effective in 2024. The anticipated required implementation of the Roth Catch-Up Provision, for participants earning $145,000 or greater, has been delayed.
The IRS has granted a 2-year extension to allow for an administrative transition period. The requirement must now be implemented beginning after December 31, 2025.
PlanSource will continue to monitor developments and share them as we receive them. If you are a member of the PlanSource MEP plan, our 401k team will provide additional support and details, as this requirement continues to develop. If you maintain an individual 401k plan, we recommend you work directly with your plan advisors and third-party record keepers for the most up-to-date and relevant information impacting the specifics of your plan.
