Understanding SECURE 2.0: A Deeper Dive into the Rothification of Employer Contributions

Seyfarth Shaw LLP

Released by the IRS in the final days of 2023, Notice 2024-2 offers guidance on several aspects of the SECURE 2.0 Act, particularly focusing on instructions related to designated Roth matching and nonelective contributions. In this episode, Seyfarth’s Ben Spater provides insights on various aspects of the notice, including the participant eligibility to elect employer contributions, the irrevocability of Roth designations, the five-year holding period for tax benefits, and potential administrative complexities. Ben also clarifies how Roth contributions are treated for purposes of tax reporting.  Grab your cup of coffee and tune in to hear Richard and Sarah discuss how these provisions impact retirement planning strategies, compliance considerations for employers, and what individuals need to know about managing their tax liabilities when it comes to Roth contributions in their retirement accounts.

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