On Aug. 25, 2023, the U.S. Treasury Department and the Internal Revenue Service (IRS) issued Notice 2023-62, Guidance on Section 603 of the SECURE 2.0 Act with Respect to Catch-Up Contributions.
Click here to access this notice.
Among other things, the notice announced a two-year delay of section 603, which would have generally required employees earning over $145,000 to make any retirement plan catch-up contributions as Roth contributions, i.e., after-tax, beginning in 2024. The notice provided initial guidance on other provisions of the SECURE 2.0 Act as well.
Click here for more details.