Section 343 of SECURE 2.0 revised certain disclosures on the annual funding notice (AFN) for single-employer and multiemployer DB plans starting with the 2024 plan year notices distributed in 2025. We expect that the U.S. Department of Labor (DOL) will issue guidance or new model notices to assist plan sponsors
Eligibility requirements for long-term part-time (LTPT) employees were initially established under section 112 of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). These requirements pertain to eligibility for contributing to CODAs under 401(k) plans, effective for plan years beginning after December 31, 2020. The first
Section 109 of SECURE 2.0 permits 401(k), 403(b), and governmental 457(b) plans1 to offer higher catch-up contributions beginning in 2025 for participants attaining ages 60, 61, 62, or 63 before the end of the taxable year. For 2025, the maximum catch-up limit is the greater of $10,000 or 150% of
Section 101 of SECURE 2.0 requires all 401(k) qualified cash or deferred arrangements (CODAs) and 403(b) plans established after December 29, 2022, the SECURE 2.0 enactment date, to incorporate an eligible automatic contribution arrangement (EACA). This requirement applies to plan years beginning after December 31, 2024, unless an exception applies.
