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Navigating the Latest Workplace Compliance Trends

coworkers looking at workplace compliance trends

Is workplace compliance on your radar?  

The workplace compliance landscape is constantly evolving, and 2024 brings several significant changes that HR managers need to understand. With the implementation of the SECURE 2.0 Act, mastering these changes is crucial for maintaining compliance and maximizing benefits for your employees. 

5 Key changes to watch 

1. No RMD for Roth Accounts 

One of the most impactful changes is the elimination of required minimum distributions (RMDs) for Roth accounts. This adjustment means participants may need to revisit and modify their withdrawal strategies. 


2. Super catch-up contribution limits 

Beginning in 2025, employees ages 60-63 will be given the opportunity to save more in catch-up contribution limits, saving the greater of $10,000 or 150% of the current limit. For example, using the current 2024 catch-up limit of $7,500, someone aged 60 will be permitted to contribute $11,250. 


3. Student loan payments matched in retirement plans 

A groundbreaking change is matching student loan payments within retirement plans. This provision helps employees manage student debt while simultaneously preparing for their future. 


4. Provisions for “sidecar” accounts 

The introduction of “sidecar” accounts provides employees with a structured way to save for emergencies, adding an extra layer of financial security. 


5. Changes for long-term part-time employees in 401(k)/403(b) 

Bloomberg Law details, “Under the SECURE Act rules, which applied only to § 401(k) plans because they amended Code § 401(k)(2)(D) and added Code § 401(k)(15), employees who complete three consecutive 12-month periods during which they complete at least 500 hours of service, and who otherwise meets the plan's age and entry date requirements, must become eligible to make elective deferrals to the plan. Employees who satisfy these service requirements are referred to as long-term part-time employees. Public Law No. 116-94, Div. O, § 112.”  

In layman's terms, long-term part-time employees can participate in a company's plan after working at least 500 hours for three consecutive years. 


How TruePlan can help 

Secure 2.0 Act Resources 

TruePlan put together a two-part SECURE 2.0 Discussion Series. Check out Session 1 and Session 2 to get a full grasp of the changes. 

You can also get a full compliance overview using this downloadable SECURE 2.0 Act guide. 

Reach out to us

TruePlan specializes in guiding organizations through these complex changes, providing additional compliance tools. Our team can help you review and analyze the new provisions to identify opportunities that best serve your organization and employees. 

Ready to take the next step? Contact us today to learn how we can help you stay compliant and maximize your retirement plan. 

TruePlan Benefit and Retirement Advisors is a marketing name of Healthcare Community Securities Corp., member FINRA/SIPC, and an SEC Registered Investment Advisor. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Past performance is not indicative or a guarantee of future returns.  

This content is for informational purposes only. It has been partially generated from an AI language model, which may not always be exhaustive or tailored to individual circumstances. We encourage you to contact one of our experts for more information. We assume no liability arising from any use of this content. 

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