SECURE 2.0 Final Regulations for Catchup Contributions
The SECURE 2.0 Act of 2022 introduced sweeping changes to retirement savings plans. Two provisions include requiring certain catch-up contributions to be made as Roth (after-tax) contributions and a higher limit on catchup contributions for certain ages.
The Department of the Treasury and the IRS issued final regulations implementing key provisions of the SECURE 2.0 Act, particularly those affecting catch-up contributions for retirement plans such as 401(k), 403(b), and governmental 457(b) plan.