Groom principal Elizabeth Dold was quoted in the PLANADVISER article, “As SECURE 2.0 Changes Loom, Plan Sponsors Need Prep, Advice,” where she discussed the possible recordkeeper response to SECURE 2.0’s requirement that certain high income earning individuals’ catch-up contributions be made into a Roth account. On the topic, Dold noted, “I don’t imagine that many recordkeepers are going to be thrilled at the idea of just building out a Roth program just for catch-ups.” She added, “I anticipate they will strongly encourage folks to adopt the Roth 401(k) feature first.”

When discussing plan amendment timing to reflect SECURE 2.0 changes, Dold provided assurance stating, “You don’t need to worry about plan amendments yet.” She explained, “Amendments aren’t needed until 2025. But we need to be in operational compliance, either immediately if the change is in effect this year, or if it’s a change for next year, that’s fast approaching.”

To read the article, click here.

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July 31, 2023

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