SPARK Institute Announces Workshop to Address SECURE 2.0 Plan Changes

The SPARK Institute is pleased to announce an exclusive workshop aimed at fostering collaboration between retirement plan recordkeepers and payroll providers, hosted by Vanguard. This timely event will focus on implementing critical updates introduced by the SECURE 2.0 Act, with special emphasis on the Roth Catch-up and Super Catch-up contributions.

The workshop, set to take place on July 16, 2024, will bring together industry leaders and experts to discuss and address the key changes that SECURE 2.0 mandates for retirement plans. Attendees will share their valuable insights into the implications of these changes and work on the necessary steps to ensure seamless integration and compliance.

Key topics to be covered:

  • 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. “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.”

“SECURE 2.0 gives millions more Americans a better chance at retirement success, and the retirement plan industry is rising to meet the challenges and opportunities to ensure this legislation reaches its full potential for retirement plan participants,” said Jane Greenfield, Principal, Head of Consultant Engagement at Vanguard. “This workshop will foster collaboration and provide actionable insights to help all parties best support plan sponsors.”

“As payroll providers, we understand the critical role we play in the successful implementation of SECURE 2.0 changes. This workshop is a vital step in ensuring that we are fully aligned with retirement plan recordkeepers to meet the needs of our clients,” said Peter Isberg, President of NPRC. “Our clients can rest assured that we are actively working together to streamline processes and ensure compliance with the new regulations.”

This workshop is an invaluable opportunity for professionals in the retirement planning and payroll sectors to stay ahead of regulatory changes and ensure their systems and processes are up-to-date and compliant.

For more information, please contact Marlene Jung at marlene@sparkinstitute.org.

About SPARK Institute
The SPARK Institute represents the interests of a broad-based cross section of retirement plan service providers and investment managers, including members that are banks, mutual fund companies, insurance companies, third-party administrators, trade clearing firms, and benefits consultants. Through the combined expertise of its member companies, the Institute provides research, education, testimony, and comments on pending legislative and regulatory issues to members of Congress and relevant Government agency officials. Collectively, its members serve approximately 100 million participants in 401(k) and other defined contribution plans.

About Vanguard
Founded in 1975, Vanguard is one of the world’s leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe – directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

About NPRC
The National Payroll Reporting Consortium (NPRC) is an organization representing major payroll service providers, which together serve a significant portion of the employer community. NPRC works to promote efficient, accurate, and cost-effective payroll processing and tax reporting, advocating for policies and practices that benefit both the payroll industry and its clients.

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