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April 2nd, 2024
Information & Insights for the 403(b) Community
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Ask the Experts
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Does Our Plan Fall Under SECURE 2.0’s Automatic Enrollment Requirement?
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Q: We are a private 501(c)(3) tax-exempt organization that terminated a 401(k) plan that we had maintained for many years, replacing it with a new 403(b) plan, effective January 1, 2023. The SECURE 2.0 Act of 2022 passed shortly before our plan’s effective date, and we do not meet any of the exceptions to the automatic enrollment requirement that will become effective on January 1, 2025 (e.g., we’re not a church, not a government and have more than 10 employees). However, in order for our plan to be effective on January 1, 2023, we had to have a plan document in place prior to that, so we adopted a written plan in November 2022. Would that get us off the hook in terms of the automatic enrollment requirement, even though we did not commence contributions to the plan until January 2023?
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PLANSPONSOR Health Savings Account Livestream
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PLANSPONSOR’s Health Savings Account Livestream, April 10-11, will help plan sponsors understand how HSAs work and create a list of considerations for benefit selection and implementation. For more information or to register, click here.
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