WCC Posted January 25, 2023 Posted January 25, 2023 Section 603 ELECTIVE DEFERRALS GENERALLY LIMITED TO REGULAR CONTRIBUTION LIMIT This is the section that refers to Roth catch ups for those making $145k. This section states the following: (b) CONFORMING AMENDMENTS.— (1) Section 402(g)(1) is amended by striking subparagraph (C). Question: isn't that the subsection that allows catch up beyond the 402(g) limit regardless of compensation? If that section is stricken, what remaining section allows catch up beyond the 402(g) limit? I am curious if this has the unintended consequence of eliminating all catch ups - is that what this does? (If it does, I am sure it will be fixed so this isn't a fire drill question) Thanks
C. B. Zeller Posted January 25, 2023 Posted January 25, 2023 https://www.asppa.org/industry-intel/major-secure-20-error-puts-catch-ups-jeopardy-ara’s-graff Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
WCC Posted January 25, 2023 Author Posted January 25, 2023 excellent, thank you. I heard this from someone but I hadn't seen anything written yet, this is very helpful. Thanks
Lois Baker Posted January 26, 2023 Posted January 26, 2023 More today: https://www.planadviser.com/secure-2-0-error-threatens-catch-contributions-meaning-clear/
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