Age Catch-Up Deferrals and Limit Enhancements

We have enhanced your deferred compensation plan catch-up limit support to comply with the latest SECURE 2.0 Act changes.  As of January 1, 2025, the age catch-up deferrals allowed for employees who are of age 60 through 63 is increased to a higher limit.

These limits are delivered through these value definitions.

  • Deferred Compensation 401k Special Age Catch-Up Annual Limit

  • Deferred Compensation 403b Special Age Catch-Up Annual Limit

  • Deferred Compensation 457 Special Age Catch-Up Annual Limit

This enhancement ensures compliance with the latest SECURE 2.0 Act updates.

Steps to Enable

You must run the Feature Upgrade flow to uptake the new value definitions, range items, fast formula, and element template changes.

  1. Create an object group to include your 401k, 403b, and 457 pretax and voluntary deductions elements.

  2. Start the Submit a Flow task.

  3. Select your US legislative data group.

  4. Search for and select Feature Upgrade.

  5. Select the Upgrade elements for age-based catch-up deferrals and limit enhancement feature.

  6. Enter your element object’s name in Additional Information.

  7. Click Submit, and monitor the process to completion.