SECURE 2.0 ACT – 403(b) PLANS
01.Core Concepts
• Safe harbor 403(b) plans, available beginning in 2024 • For employers with no other retirement plan • Eligible employees automatically enrolled (3-15%) • No employer contributions permitted • Contributions limited to $6,000 plus a $1,000 catch-up contribution (age 50+)( i n 2025) • Required automatic enrollment, beginning in 2025 • Automatic enrollment (3-10%), with annual increase (to max 15%) • The following plans are exempt: Simple 401(k)s, plans in existence prior to December 29, 2022, new businesses (less than 3 years), small businesses (less than 11 employees), government and church plans