The SECURE 2.0 Act marked a significant step toward enabling more small business owners and employees to pursue retirement stability.
Outlined below is the status of our recordkeeping support for some key SECURE 2.0 provisions (sections) for your SIMPLE and SEP IRA workplace retirement plans. For a better understanding of these provisions, refer to SECURE 2.0 Act of 2022 ― A boost to retirement saving (PDF) or speak with your plan’s financial professional.
Recordkeeping status for key SECURE 2.0 Act provisions
Provision |
Effective date |
Recordkeeping status |
|---|---|---|
Relaxed required minimum distribution (RMD) rules Section 107 (mandatory) |
Effective for RMDs required to be made after 2022 for individuals who turn age 73 after December 31, 2022 |
Ready to support |
Roth — Employee deferrals Section 601 (optional) |
Taxable years beginning after December 31, 2022 |
Intend to support for SIMPLE IRAs by early 2026 |
Roth — Employer contributions Section 601 (optional) |
Taxable years beginning after December 31, 2022 |
We're monitoring demand for our SIMPLE and SEP IRA solutions. |
SIMPLE IRA contribution limit changes Section 117 (mandatory) |
Taxable years beginning after December 31, 2023 |
Ready to support |
SIMPLE IRA nonelective employer contributions Section 116 (optional) |
Taxable years beginning after December 31, 2023 |
Ready to support |
Student Loans matching contributions Section 110 (optional) |
Taxable years beginning after December 31, 2023 |
Under evaluation We're evaluating what's needed to facilitate student loan matching. Our existing functionality allows plan sponsors to remit matching contributions when they independently verify that student loan payments have been made. |
Higher catch-up contribution limit for ages Section 109 (optional) |
Taxable years beginning after December 31, 2024 |
Ready to support |