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SuitePeople U.S. Payroll: Support 401(k) Retirement Plan for Catch-Up 60 to 63 Contributions

edited Apr 9, 2025 8:07PM in Announcements

This notice is intended for customers who are using SuitePeople U.S. Payroll. The latest version of SuitePeople U.S. Payroll will now enable you to include higher contributions for employees aged 60 to 63 in a retirement plan.

What is Changing?

Starting April 15, 2025, you can now include the following payroll item deduction codes in a 401(k)-type retirement plan:

  • 401(k) Catch-Up 60 – 63
  • 401(k) Roth Catch-Up 60 – 63

This change helps you better manage your employees' retirement plans and ensure compliance with relevant regulations.

Required Actions

Starting April 15, 2025, perform the following actions to include the catch-up age 60 to 63 contributions in your existing retirement plan:

  1. Review your existing 401(k) retirement plan settings.

Regards,

@Robert Nedelkow-Oracle | NetSuite Support Community Administrator

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