SPARK Institute to Hold Workshop on SECURE 2.0 Plan Changes

The Society of Professional Asset Managers and Recordkeepers Institute announced that Vanguard will host on July 16 a workshop focused on how providers to retirement plans can work together to implement critical provisions introduced in the SECURE 2.0 Act of 2022.  

The goal of the workshop is to foster “collaboration between retirement plan recordkeepers and payroll providers,” with special emphasis on the Roth catch-up and super catch-up contributions, according to SPARK. 

The workshop will bring together industry leaders and experts to address the key changes that SECURE 2.0 mandates for retirement plans. Attendees will be able to share insights into the implications of these changes and learn about the necessary steps to ensure seamless integration and compliance. 

The workshop will be held at Vanguard’s headquarters in Malvern, Pennsylvania.  

The following key topics will be discussed:  

• Roth catch-up contributions: Understanding the new requirements for catch-up contributions and their tax implications for participants.  
• Super catch-up contributions: Exploring the opportunities for participants over 60 to maximize their retirement savings through enhanced catch-up contributions. 
• Integration and compliance: Strategies for effective collaboration between recordkeepers and payroll providers to implement these changes efficiently and accurately.  
• Operational challenges and solutions: Identifying and addressing potential operational hurdles in the wake of SECURE 2.0’s new mandates. 

“We are thrilled to partner with Vanguard, a SPARK member, to host this important workshop,” said Tim Rouse, executive director of the SPARK Institute, in a press release. “As the retirement landscape evolves, it is crucial for industry stakeholders to come together and ensure that these significant changes are implemented smoothly. This workshop will provide a platform to include all stakeholders and make the implementation process as efficient as possible.” 

The workshop is an opportunity for professionals in the retirement planning and payroll sector to stay ahead of regulatory changes and ensure their systems and processes are up-to-date and compliant, according to SPARK. It comes at a time when recordkeepers are juggling competing priorities from the new law and other efforts to support retirement income, personalization and financial wellness programs on their firms’ platforms.