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How to implement the new 401k and 403b catch up rules for 2024?

in Payroll and Global Payroll Interface (GPI) 6 comments

Summary:

Due to new Federal regulations, the 401k and 403b Catch-Up contributions made by participants aged 50+ who make over $145K in 2023, will need to be deducted on a Roth (after-tax) basis. How can we automate this catch up starting in 2024.

Content (required):

Due to new Federal regulations, the 401k and 403b Catch-Up contributions made by participants aged 50+ who make over $145K in 2023, will need to be deducted on a Roth (after-tax) basis. How can we automate this catch up starting in 2024.

Version (include the version you are using, if applicable):

23B

Code Snippet (add any code snippets that support your topic, if applicable):

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