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The intent was simply to require catch-up on a Roth basis for high-wage earners, i.e., those making more than $145,000 from their employer in the prior year, and to permit other participants to make catch-up contributions on either a pre-tax or Roth basis.
Employers can offer participants who are age 50 or older the opportunity to make additional catch-up contributions to their retirement plans, providing a great way for older workers to save more money up to an extra $7,500 for 2023 as they get closer to retirement age.
In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act requires.