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Commissioners approve leaving optional "super catch-up" out of county's 401(k) plan; HR outlines federal retirement-law changes and 529 payroll option
Summary
Human-resources director Matthew Phillips briefed the board on federal retirement-law changes that require a Roth option and part-time eligibility for long-term part-time employees. Commissioners agreed not to implement the optional "super catch-up" provision for this plan year. A representative of the Idaho 529 college-savings program also gave a
Human-resources director Matthew Phillips briefed the Bannock County commissioners on federal retirement-law changes that affect the county's Percy Choice 401(k) plan and on other benefits options including the Idaho 529 college-savings program.
Phillips said a federal law enacted Dec. 23, 2022 (the SECURE 2.0 Act) requires several changes affecting 401(k) plans. He said the county must offer a Roth (post-tax) contribution option in addition to the existing pretax contribution option and must allow part-time eligibility for long-standing part-time employees who have W-2 wages. "We…
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