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Mar 09, 2023
New Law Ushers in Major Retirement Changes
In the waning days of 2022, President Biden signed a bill that improves the retirement situation for a wide range of Americans. Read through for a first look at these changes, which affect almost every worker and the companies that employ them.
There's been buzz about new retirement plan provisions for weeks, and now they're final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate, and others that will take effect in the future.
Hold on to assets longer. Retirees had to start taking money from their plans at a certain age. The idea behind this rule was to help ensure funds were used during the retiree's lifetime rather than simply invested for any heirs. The Act changes the current age of 72 to 73 starting Jan. 1, 2023, and to 75 starting in 2033.
A boon for employers with no retirement plan. According to government documents, the Act permits an employer that does not sponsor a retirement plan to offer a starter 401(k) plan (or safe harbor 403(b) plan). Such a plan would generally require that all employees be default enrolled in the plan at a deferral rate of 3% to 15% of their compensation. The limit on annual deferrals would be the same as the IRA contribution limit, which for 2022 was $6,000, with an additional $1,000 in catch-up contributions beginning at age 50. This section is effective for plan years beginning after Dec. 31, 2023.
Provisions for part-time workers. Previous rules required that — except in the case of collectively bargained plans — employers maintaining a 401(k) plan must have a dual eligibility requirement under which an employee must complete either one year of service (with the 1,000-hour rule) or three consecutive years of service (where the employee completes at least 500 hours of service). The Act has reduced the three-year rule to two years, effective for plan years beginning after Dec. 31, 2024. The Act also extends the long-term part-time coverage rules to 403(b) plans that are subject to ERISA.
Stronger catch-up contribution provisions. Previously, employees who had attained age 50 were permitted to make catch-up contributions under a retirement plan in excess of the otherwise applicable limits. The limit on catch-up contributions for 2021 was $6,500 (or $3,000 for SIMPLE plans). The Act increases these limits to the greater of $10,000 or 50% more than the regular catch-up amount in 2025 for individuals who have attained age 60, 61, 62 or 63. The increased amounts are indexed for inflation after 2025. This provision is effective for taxable years beginning after Dec. 31, 2024.
Automatic enrollment — the new default. This may be the most significant change. According to the official government summary, a significant problem in retirement savings is that many employees don't participate, even when they have a plan at work. "But automatic enrollment in 401(k) plans — providing for people to participate in the plan unless they take the initiative to opt out — significantly increases participation." The Act requires 401(k) and 403(b) plans to automatically enroll participants in the respective plans upon becoming eligible. In short, employees have to complete forms to opt out of the plan instead of to opt in. The initial automatic enrollment amount is at least 3%, but not more than 10%. Each year thereafter that amount is increased by 1% until it reaches at least 10%, but not more than 15%. All current 401(k) and 403(b) plans are grandfathered. There is an exception for small businesses with 10 or fewer employees, new businesses (i.e., those that have been in business for less than three years), church plans, and governmental plans. This provision is effective for plan years beginning after Dec. 31, 2024.
Is there more?
This is just a summary of a complex series of provisions. The Act contains more changes, and the timing can get confusing. The one sure thing is that whether you're an employee or an employer, there's a good chance one or more of the new provisions will affect your life and your business. It's never too soon to get help from a qualified financial adviser. Meanwhile, those who want more details regarding the Act can download the official Senate summary.
©2023
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May 12, 2023
Form I-9 Flexibilities Ending
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Mar 10, 2023
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Mar 07, 2023
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Jul 20, 2022
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Jul 19, 2022
Scam Warning For PA Businesses
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Oct 29, 2021
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Oct 05, 2021
Federal COVID Leave Ended on September 30, 2021
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Sep 29, 2021
The IRS's "Cannabis/Marijuana Initiative”
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State-mandated retirement programs are coming, are you ready?
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Aug 13, 2021
4 Important Reasons To Immediately Document Performance Problems
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Aug 04, 2021
Cannabis Laws Affecting Employers: State Laws and Employer Guidance
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Aug 02, 2021
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Jul 27, 2021
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Jul 23, 2021
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Jul 20, 2021
Six Compliance Challenges & How to Conquer Them
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Jan 12, 2021
My Employer on the GO Tutorial: Employee Onboarding
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Sep 25, 2020
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A walkthrough showing the organizational chart function of Employer on the GO's human resource system!
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A walkthrough showing the functions of the Employer on the GO performance management system!
Sep 07, 2020
Employer on the GO Tutorial: HR Company Announcements
A walkthrough showing how to post and view company announcements with Employer on the GO!
Sep 03, 2020
Initial Guidance: Employee Tax Deferral Executive Order
New language from the White House offers a temporary payroll tax deferral - should you take advantage of it?
Aug 28, 2020
Back-To-School FFCRA Guidance
The "when," "where," and "how" on returning to school aren't set in stone just yet - here are a few answers to questions you may have in the meantime.
Aug 17, 2020
At-Will Employment: What Does it Mean?
You've heard the term - let's dig a little deeper!
Jul 23, 2020
Potential New FFCRA Rules from the Department of Labor
The guidelines surrounding employee leave due to COVID-19 are still evolving - stay on top of it all!
Jul 10, 2020
Q&A: COVID-19 Employer Guidelines
Managing employees is different than ever before - what should you be prepared for?
Jun 26, 2020
Employer on the GO Tutorial: Payroll Journal Access & Summary
A walkthrough detailing the contents of your payroll journal in Employer on the GO!
Jun 25, 2020
Employer on the GO Tutorial: Approve Payroll & Notify Provider
A walkthrough showing how to finalize your payroll and inform your provider with Employer on the GO!
Jun 24, 2020
Employer on the GO Tutorial: Preview & Process Payroll
A walkthrough showing how to preview your payroll before processing using Employer on the GO!
May 26, 2020
Employer on the GO Tutorial: Enter Payroll Hours using the Enhanced Pay Grid
A walkthrough showing how to enter payroll hours using the Enhanced Pay Grid from Employer on the GO!
May 19, 2020
Employer on the GO Tutorial: Navigate Enter Payroll Setup Menu
A walkthrough showing how to edit and understand the Enter Payroll Setup menu with Employer on the GO!
May 07, 2020
Should You Rethink Paid Leave?
Don't demonize paid time off - celebrate it!
Apr 28, 2020
Employer on the GO Tutorial: Access and Manipulate Payroll Detail Reports
A walkthrough to access and customize your payroll detail reports as an Employer on the Go user.
Apr 27, 2020
IRS Unveils 'Get My Payment' Feature
Curious about your eligibility for COVID-19 stimulus payments? Check out this new tool from the IRS!
Apr 24, 2020
Employer on the GO Tutorial: Payroll Document Access and Details
A walkthrough to access and understand your payroll documents package as an Employer on the Go user.
Apr 22, 2020
9 Advantages Of Automated Time Tracking
Take advantage of automated time tracking to optimize your workforce.
Apr 15, 2020
The Importance of Time-Off Management
Paid time off can be a great tool to improve employee morale and productivity.
Apr 13, 2020
Employer on the Go Tutorial: Quarterly Report Access/CARES Act Report
A walkthrough to access quarterly reports packages as an Employer on the Go user.
Apr 09, 2020
TimeWorksPlus Has Geofencing!
If you need to know whether or not your employees are working in the correct location, you need Geofencing.
Apr 07, 2020
Scam Warning: Fraudsters Using New Tactics to Steal Personal Data During COVID-19 Pandemic
Unfortunately, even in times of crisis, there are those who seek to benefit at the expense of others.
Mar 20, 2020
Why Is Taxation Related To Cannabis Businesses So Complicated?
Beware: 2020 Could Be A Banner Year For IRS Audits Of Cannabis Businesses
Feb 23, 2020
3 of 4 Business are Underinsured – Is Yours Protected?
Insurance often feels like an unnecessary cost - until you need it.
Dec 31, 2019
Six Payroll Problems To Keep In Mind
Getting a grip on your payroll can ease the burden on cash flow and help your company remain afloat.
Dec 30, 2019
Solutions To 7 Frustrating Employee Scheduling Problems
Employee scheduling doesn’t have to be a dreaded chore. TimeSimplicity is your solution.
More News & Press can be found in our Archive.
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