On August 25, 2023, the Internal Revenue Service (IRS) published Notice 2023-62 to provide guidance on the SECURE 2.0 Act requirement related to Roth catch-up contributions for high earners. This guidance provides for a two-year administrative transition period that will delay the implementation date of the provision in the SECURE 2.0 Act that requires age 50 catch-up contributions to be made on a Roth basis for individuals earning over $145,000 in prior year wages. The provision was initially set to take effect on January 1, 2024. With this change, the provisions will now take effect on January 1, 2026.
We will continue to keep you informed of critical information from this guidance and future notices as we are made aware of them.
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