Withdrawals of up to $1,000 a year for emergencies
Up to $22,000 in hardship withdrawals related to a natural disaster
Emergency savings account for Roth contributions up to $2,500 a year
An extended remedial amendment date gives most plan sponsors until December 31, 2025
Required automatic enrollment and automatic escalation features for 401(k) and 403(b) plans to be established on or after January 1, 2025**
Saver’s Tax Credit helps lower- and middle-income Americans who contribute to a retirement plan by cutting up to $1,000 ($2,000 for married couples) off their tax bill
Converts the Saver’s Tax Credit into a government matching program for retirement plan contributions
Matching contributions based on student loan repayments, 2024
Automatic portability for transferring low-balance retirement accounts
Higher catch-up contributions*
Later age requirements for required minimum distributions (RMDs)
Employees 50+
Employees with student loan debt
Saver's Match
Emergency saving's and withdrawals
Timing for implementation
*Contributions for employees earning more than $145,000 in the prior calendar year will need to be made in a Roth account as after-tax dollars. Employers will be able to offer vested matching contributions to Roth accounts.
** There are exceptions for small employers, new employers, and non-ERISA church and governmental plans.