RETIREMENT PLAN UPDATES

The Bulletin

Get the latest updates for your company’s retirement plan.

SIMPLE IRA Plus

SIMPLE IRA contribution limits for 2025

The annual employee contribution limits for SIMPLE IRA plans are as follows:

  • For plans with 25 or fewer employees, maximum employee contributions are $17,600 with additional catch-up contributions* (age 50+) of up to $3,850.

  • For plans with 26+ employees, maximum employee contributions are $16,500 with additional catch-up contributions (age 50+) of up to $3,500.

These plans can qualify for the higher employee contribution limits of $17,600 (and $3,850 catch-up) by making higher mandatory employer matching contributions of 4% of compensation or nonelective contributions of 3%.

  • For employees aged 60 to 63 only, a higher catch-up contribution limit of $5,250 replaces the 50+ catch-up contribution limit.*

* If allow by the plan. The 60-63 catch-up contribution limit is effective January 1, 2025.

Help participants stay on track

Encourage participants to take charge of their financial future with our retirement goals calculator. Participants can generate a personalized retirement goal, and our website and mobile app will show their progress each time they log in. Then, participants can make modifications to improve their projected retirement outcome or adjust their goal.

SEE HOW

ACH distributions now available

For greater convenience and security, ACH distributions are now available for participant distributions.

Participants can elect payment by ACH and input their checking or savings account information within the online distribution request process on the participant website. Electronic bank verification is then conducted through a third-party service provider as a fraud prevention measure.

For more information about online distributions and other website features, refer to our participant website demo.

Get the latest SECURE 2.0 Act provisions updates

The SECURE 2.0 Act marked a significant step toward enabling more small business owners and employees to pursue retirement stability. Get the latest updates on our recordkeeping support to help you take advantage of key SECURE 2.0 provisions.

CHECK STATUS

For help with your retirement plan, contact your financial professional or call us at:

call (800) 421-9900
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