Low Cost Entry to Profit Sharing/401k Program
 |
|
Submitted by Dan Gardner, Osaic Wealth Advisor
The Secure 2.0 Act, enacted in December 2022, focuses on increasing retirement savings and refining retirement plan guidelines. Changes will roll out between 2022 and 2027. Here are five modifications to 401(k) plans in 2024:
Student Debt Relief
Employers may match the employee's loan payments with the company retirement account.
Emergency account
Employers may set up an emergency savings account under the umbrella of the companies 401k account.
529 Rollovers
Un-used funds in a 529 plan account that has been opened for 15 years may roll the balance into a Roth IRA
Penalty Free Emergency Withdrawals
The employee may take a once per year emergency withdrawal up to $1k penalty free.
Roth 401k
RMDs are no longer required for Roth 401k participants at age 73. They now have the same rules as a Roth IRA
Members! We are here to help ensure you are in compliance will all of the new rules and regulations as they pertain to 401k programs. Do not hesitate to reach out below.
Contact Dan Gardnew (dgardner@osaicwealth.com) • 612-743-4961