Implementing the SECURE 2.0 Act, enacted last year, involves numerous administrative hurdles. In one provision, the law makes changes to catch-up contributions. That provision is set to begin in 2024. But as retirement plan sponsors prepare for the changes, they’re finding many problems. In a July 19 letter to the U.S. Treasury Dept. and the IRS, 50 plan sponsors from various organizations are seeking transition relief. Noting that the implementation may be more difficult than lawmakers anticipated, the letter asks for more time. Additional guidance is needed, they wrote, to coordinate and communicate changes to plan participants. To read the letter: https://bit.ly/452BCTE
