2024 Roth Catch-up Legislation for over 50 and exceeding $145000 earnings

Summary:

Will Oracle be releasing functionality and help to administrate this new governmental limit for over 50 catch-up contributions?

Content (required):

Will Oracle be releasing functionality and help to administrate this new governmental limit for over 50 catch-up contributions? If so is there documentation on the new functionality available? If so when will the changes be available for testing?

This mandatory provision is effective beginning January 1, 2024 and states that plans that allow age-50 catch-up contributions are required to make those catch-up contributions as Roth contributions for any participants who exceeded $145,000 (as indexed) in FICA compensation (compensation threshold) with the employer in the prior calendar year.