![]() After deferral, participants must have the right to withdraw such automatic contributions from the plan within 90 days of the first contribution.Īutomatic contribution arrangements are no longer voluntary, except for 401(k) and 403(b) plans established prior to Dec. Plan sponsors are required to include an “eligible automatic contribution arrangement” (EACA) in new 401(k) or 403(b) plans established after the date of enactment, 5 including a contribution rate during the first year of participation of not less than 3% or greater than 10% unless the participant opts out, with an automatic 1% annual deferral increase up to a maximum of 15% (10% for 401(k) safe harbor plans). Automatic enrollment mandatory for new 401(k) and 403(b) plans Some of the key provisions affecting employers are described below. Some of the Act’s provisions have been under discussion for years, while others seem to be trial balloons requiring the various regulatory agencies to monitor and report on their usefulness to Congress. ![]() In addition, the Act may be read to expand coverage to more employees, provide incentives for more employer contributions, and ease administrative burdens associated with nondiscrimination testing, plan enrollment, mandatory participant disclosures, correction of plan qualification failures and deadlines for adopting plan amendments under prior legislation. 3 The Act also provides tax credits and streamlines administration as an incentive for small businesses without a retirement plan to adopt one. 2 For example, the Act attempts to encourage participants to save more on a tax-favored basis by raising the otherwise applicable annual contribution limits for qualified retirement plans and allowing participants greater access to their retirement savings in the event of an emergency without application of the 10% early distribution penalty. The Act generally focuses on increasing retirement savings for employees and individual retirement account (IRA) owners. 29, 2022, as part of the Consolidated Appropriations Act, 2023, 1 is one of the most comprehensive pieces of retirement legislation in decades. The SECURE 2.0 Act of 2022 (the Act), enacted on Dec. Key takeaways for employers under the SECURE 2.0 Act of 2022 29, 2022, significantly changes the complex tax rules applicable to employer-provided retirement plans, including opportunities and burdens for plan sponsors. It's not the most efficient at reading all of the data on your device, but what it does display is well organized.Įditors' note: This is a review of the trial version of iRip for Mac 2.1.7.SECURE 2.0 Act of 2022, enacted Dec. IRip is a handy little program for managing the transfer of media between your computer and your iOS devices. If you're looking for something along the lines of a Quick Start Guide, or if the problem you're having doesn't fit into one of the included categories, you're out of luck. Inadequate Help: The Help link only takes you to a FAQs page with about nine general entries. There is no way to refresh a connection while a device remains plugged in. Music was also not present at all the first time the device was connected, and we had to disconnect and reconnect before it showed up. ![]() Incomplete recognition: Although a People category was created when we connected an iPhone through the app, no Contacts were imported. Photos are displayed as thumbnails, so you can easily see which ones you want to save, and Playlists are shown separately below the main categories, making them easy to navigate as well. Good organization: Files are organized into categories including Music, Photos, and People, and clicking on one of these allows you to view all of the included details. Transfers are speedy as well, so you don't have to worry about blocking out a lot of time to finish what you start in this app. Quick readings: When you connect your iOS device to this app, it quickly completes a scan of the contents and displays it in the main interface window. Through this program, you can save photos, organize your music, and connect to iTunes, if you choose. IRip is a program that lets you transfer songs, photos, and other media from your iOS device to your computer and save it wherever you choose. ![]()
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