P&I DC East 2024 - Secure 2.0 Panel

???Excited to be part of the advisory committee for 2024 P&I’s DC East and honored to participate on a panel regarding Secure 2.0!

I want to extend my heartfelt thanks to the? P&I Conferences team?for the invitation. It was fantastic opportunity to engage with other plan sponsors and providers ?discuss the future of ensuring employees are met with help throughout their career and into retirement.

?? I enjoyed the research our panel spent into Secure 2.0.?? While “Rothification” provisions (Section 603) are getting all the headlines, it’s become clear that many plan sponsors should be focusing on?Section 109 ("Super" catch-up).

?? What is the “Super" Catch-up and why is it being overlooked???? Most employers allow employees age 50 and over to make additional contributions. Under the current IRS regulations, the limit is $7,500 for 2024. But beginning in 2025, Section 109 of the SECURE 2.0 Act, allows employees who are 60 to 63 years old to contribute at a “Super” catch-up rate.? I think many plan sponsors may not be not spending enough time focused on this optional provision.? ?I think come January; we will see several news articles that remind employees about these optional changes.?? My recommendation to all plan sponsors is to start work on implementing this provision or start sharpening your pencils to come up with an explanation on why you are preventing your employees from saving the maximum allowed by law.

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