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How do we implement Section 109 of Secure 2.0 to increase 401K catch-up limits based on age (60-63)?

in Payroll and Global Payroll Interface (GPI) 19 comments

Summary:

We were notified by our 401K carrier that effective January 1, 2025, Section 109 of SECURE 2.0 will increase the catch-up limit for participants ages 60-63 to the greater of (1) $10,000 or (2) 150% of the regular annual catch-up. We are currently on Oracle release 24B and need to know if Oracle will be providing a way for us to implement this new IRS regulation.

Content (please ensure you mask any confidential information):

As I stated in the Summary section, we need to know if Oracle will be providing a way for us to implement Section 109 of SECURE 2.0, which will enable employees who will be age 60, 61, 62, or 63 at the end of each calendar year to contribute higher amounts to their 401K Pre-Tax Catch-up and/or Roth Catch-up plans. Based on a notification from our 401K carrier, this functionality needs to be ready by January 1, 2025, and we do not know how to implement it in Oracle. Currently, we have separate payroll elements defined for

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