Jeff Clark, the lead author of How America Saves 2023, and Fu Tan, a senior investment strategist and one of the lead authors of the upcoming report The Vanguard Retirement Outlook, discussed Americans’ retirement readiness. They shared key insights from both pioneering studies that you can use to help your participants move closer to fulfilling their retirement goals. Watch the replay here.
Vanguard Retirement Plan Access™ Quarterly
Monday, September 25, 2023
Prepare for required minimum distribution (RMD) season
Ensuring
RMD compliance requires preparation. Learn what you can do now to make sure your
affected participants and beneficiaries take their RMDs—which generally must be
distributed by December 31 each year.
Keep pace with changes from the SECURE 2.0 Act of 2022 (SECURE 2.0)
As legislation around SECURE 2.0 evolves, we want to keep you informed. Use these resources to help you prepare and stay ahead of some of the changes.
Interim guidance on plan corrections. SECURE 2.0 Section 305 allows an employer to self-correct eligible inadvertent failures if completed within a reasonable time. While the Internal Revenue Service (IRS) must release more detailed guidance on this provision by December 2024, you can read about the guidance they provided in the interim.
Reduced timeframe for part-time workers to access 401(k) plans. Effective in 2025, long-term, part-time employees will be able to make 401(k) contributions after two years (instead of the current three years). Find out how this could be a win for some employees.
Higher earners must make catch-ups as Roth deferrals. SECURE 2.0 Section 603 will require high earners to make current-year catch-up contributions as Roth deferrals. We’ve outlined some of the bigger concerns—and possible solutions.