The IRS pushed back the date when higher earners will have to direct some contributions to a Roth account, giving employers time to adjust.
Companies offering 401 retirement plans are breathing a sigh of relief after the IRSThe Secure 2.
0 Act, passed late last year, originally mandated that if 401 plans allow older workers to make “catch-up” contributions they must ensure those earning more than $145,000 use anfor their contributions — rather than a traditional pre-tax 401 — starting in 2024. But now, companies will have until 2026 before the change takes effect, allowing firms time to adjust to the Biden administration’s package of reforms.
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