Description: The Seyfarth Beneficially Yours Blog is a one-of-a-kind resource for companies looking for news behind the headings on benefits litigation affecting their business. This blog covers the latest hot topics related to ERISA and employee benefits litigation, ranging from litigation trends to compliance issues.
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This afternoon, the IRS issued Notice 2023-62, providing welcome guidance relating to the mandatory Roth catch-up provision under Section 603 of the SECURE Act 2.0 (“S2”), which is effective for plan years beginning after December 31, 2023. First, the Notice clarifies that catch-up contributions are still allowed after 2023, despite a technical glitch in S2. Second, the Notice provides a two year administrative transition period for implementing mandatory Roth catch-up contributions for employees earning mo
Treasury and IRS took note of the many open questions surrounding the mandatory Roth catch-up provision under S2, and recognize the need for additional time to implement the changes to administration and payroll systems. Under the two year administrative transition period, all catch-up eligible employees (even those earning more than $145,000) may continue to make pre-tax catch-up contributions until tax years beginning after December 31, 2025. We can’t think of a better way to celebrate the penultimate Fri
Stay tuned for a more comprehensive blog post on Notice 2023-62, which will be posted shortly!
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adatitleiii.comADA Title III | Disability Law for Businesses | Seyfarth Shaw
ADA Title III | Disability Law for Businesses | Seyfarth Shaw