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Secure Act 2.0 - When will new calculations take effect in Oracle

in Payroll and Global Payroll Interface (GPI) 4 comments

Summary:

Secure Act 2.0 - When will new calculations take effect in Oracle

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I have reviewed Oracle's 2023 Q3 Payroll Legislative Announcement and "Payroll Configuration for Secure Act 2.0" documents. It mentions in the legislative announcement that the fast formula changes for Secure Act 2.0 (Section 603) will be delivered in 23D. Will these changes (to use the new field 'Eligible for Pretax Age Catch-up Contributions') take effect on 1/1/2024 or 1/1/2026? It is my understanding that section 603 of Secure Act 2.0 is not effective until 1/1/2026 so I want to make sure Oracle will not start using the new field ('Eligible for Pretax Age Catch-up Contributions') prior to 1/1/2026.

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