ERIC Offers Recommendations For IRS Guidance On Retirement Plan Catch-Up Contributions

WASHINGTON, October 24, 2023 – The ERISA Industry Committee (ERIC) today submitted comments on Notice 2023-62, “Guidance on Section 603 of the SECURE 2.0 Act with Respect to Catch-Up Contributions,” released by the Internal Revenue Service (IRS) on August 25, 2023. In its letter, ERIC requested that the IRS provide additional relief and clarification so that plan sponsors and recordkeepers have the flexibility needed to efficiently comply with Section 603, which requires retirement plan catch-up contributions by certain employees to be made on an after-tax (“Roth”) basis.

“The changes to the catch-up rules in SECURE 2.0 were complex. ERIC and its member companies appreciated the two-year administrative transition provided by the IRS, but further guidance is necessary,” said Andy Banducci, senior vice president, retirement and compensation policy. “The details matter, and IRS can help plans provide retirement security by clarifying the rules and keeping compliance as simple as possible.”

ERIC member companies sponsor and maintain health and retirement plans for millions of workers, their families, and retirees. They supervise billions of dollars in retirement assets in accordance with their obligations under federal law.

Click HERE to read ERIC’s letter to the IRS.


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About The ERISA Industry Committee
ERIC is a national advocacy organization that exclusively represents large employers that provide health, retirement, paid leave, and other benefits to their nationwide workforces. With member companies that are leaders in every sector of the economy, ERIC advocates on the federal, state, and local levels for policies that promote flexibility and uniformity in the administration of their employee benefit plans.