Beginning in 2024, employers can provide an emergency savings account, or ESA, for non-highly compensated employees. The ESA must be funded with Roth contributions.
The SECURE Act 2.0 also increases involuntary cashout limits from $5,000 to $7,000 starting in 2024. A former employee who maintains a balance in a qualified retirement plan can present complications for plan administrators. Thus, plans may “cash out” former participants without their consent.
Starting in 2025, individuals ages 60 through 63 years old will be able to make catch-up contributions of up to $10,000 annually, and that amount will be indexed to inflation.
Employment Law This Week gives a rundown of the top developments in employment and labor law and workforce management in a matter of minutes every #WorkforceWednesday.
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