How will I find age 50+ emps with 145,000 Social Security Earnings for Section 603 of Secure 2.0? — Cloud Customer Connect
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How will I find age 50+ emps with 145,000 Social Security Earnings for Section 603 of Secure 2.0?

in Payroll and Global Payroll Interface (GPI) 16 comments

Summary:

Section 603 of Secure 2.0 will require age 50+ employees, who want to make 401K catch-up contributions, to make these contributions on a Roth basis in 2026 instead of a pre-tax basis if their 2025 social security earnings exceed 145,000. How can I find the employees who will be impacted? It appears that Oracle has a "Section 603 - 401K to Roth Report" for its JD Edwards clients, but I cannot find this report in Oracle Fusion. Does Oracle Fusion have this report, and if so, where is it located?

Content (please ensure you mask any confidential information): I already read Oracle's documentation titled "Configuration for SECURE 2.0 Act" (2971058.1-3-HCM_US_Payroll_Configurations_for_SECURE_2.0_Act_Tech_Brief_v1.3). However, I need additional details/clarity. We do not currently have "Reporting Information" cards defined for employees in our system. I am assuming that we will need to create these cards for our US employees so that we can opt out the impacted age 50+ employees. If my assumption is wrong, please correct me with specific details. If my assumption is correct, please advise the best way for me to find the age 50+ employees whose 2025 social security earnings exceed 145,000.

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