Discussions
Read on for the latest updates including:
• Agenda Builder launch
• SuiteWorld On Air registration
• New NetSuite Prompt Studio Contest
• And more!
Check out this thread to learn more!
Don’t miss your chance to meet our SuiteGurus—NetSuite Support professionals and subject matter experts with extensive experience in select product areas, including OneWorld, Advanced & Basic Accounting, Supply Chain Management, Receivables & Payables, CRM, Account Administration, and the SuiteCloud Platform. Full Conference attendees can prebook exclusive 30-minute one-on-one sessions for your product questions.
Spots are limited! Register through your Agenda Builder and find SuiteGuru under Agenda Enhancements.
Action Required: Setting up Automatic Catch-Up Age 60 – 63 Calculations
This notice is intended for customers who are using SuitePeople U.S. Payroll. In compliance with Section 109 of the Secure Act. 2.0, SuitePeople U.S. Payroll is supporting higher catch-up contributions for employees between the ages of 60 and 63.
What is Changing?
Starting March 14, 2025, the following new payroll items will be available in NetSuite to support additional higher catch-up contributions for employees aged 60 to 63.
Payroll Item | Annual Limit (2025) |
|---|---|
401(k) Catch-Up 60-63 | $11,250 |
401(k) Roth-Catch-Up 60-63 | $11,250 |
403(b) Catch-Up 60-63 | $11,250 |
403(b) Roth-Catch-Up 60-63 | $11,250 |
SEP 408(k)(6) Catch-Up 60-63 | $11,250 |
Simple 408(p) Catch-Up 60-63 | $5,250 |
You can set a preference to automatically calculate the higher catch-up contributions for employees ages 60 to 63. NetSuite automatically calculates the catch-up contributions for employees who meet the following criteria:
Regards,
@Robert Nedelkow-Oracle | NetSuite Support Community Administrator
Expand your NetSuite knowledge by joining this month's Ask An Expert Live : Basic Accounting. RSVP on this event now!
In case you know someone who is new to NetSuite, we encourage you to direct them to our newly launched "New to NetSuite" page. This page is specifically designed to offer them information and guidance and help them make the most out of their NetSuite journey. Click here for more details.