Retirement Plans

GPTCI-61366

Updated the deferred compensation plans in Payroll Setup > Deferred Compensation and Pension Plans to allow employees aged 60 to 63 years to opt out of super catch-up contributions under the SECURE 2.0 Act. The following new options are added to the Limit Option field.

Catch-Up Only (Non - Super Catchup) and Based on Birth Date (Non - Super Catchup) are added to the field in the Plan Limit section.

Based on Birth Date (Non - Super Catchup) is added to the field in the Benefit Limit section.

Use the new options in the Limit Option field for the following tax methods:

401(k) - Puerto Rico Only Plan Contribution and Catch-Up Limits under 1081.01(d)(7)(A)(i), where the employee's primary residential address is in the United States.
401(k) - US/Puerto Rico Dual Qualified Plan Contribution and Catch-Up Limits under 1081.01(d)(7)(A)(ii), where the employee's primary residential address is in the United States.
401(k) - US/Puerto Rico Dual Qualified Plan Contribution and Catch-Up Limits under 1081.01(d)(7)(A)(iii).

The new limits for employees who have opted out of the super catch-up contributions are effective January 1, 2025. Note: This Dayforce update was released in 2024.2.1, Patch 7 and 2025.1.0, Patch 2.