McNees’ Benefits Group will be issuing a “Did you know?” series throughout the year providing short compliance reminders.
Did you know that beginning in January 2024, participants may only make Roth catch-up contributions to their 401(k) (and may not make pre-tax catch-up contributions) if they earned more than $145,000 (as adjusted by the Secretary of the Treasury) in the previous year? If the participant made less than $145,000 in the previous year, the participant may continue to make pre-tax catch-up contributions.
For more information regarding compliance for your benefit plans, contact any member of the McNees Labor and Employment Group.