Capital Group offers automatic enrollment and eligibility tracking services for RecordkeeperDirect® plans which can help sponsors comply with the SECURE 2.0 Act of 2022.
SECURE 2.0 requires new 401(k) and 403(b) plans established on or after December 29, 2022, to implement automatic enrollment and escalation for plan years beginning in 2025 (unless an exemption applies).
To support RecordkeeperDirect clients with this requirement, we offer two services that are available to all RecordkeeperDirect plans:
Clients with an automatic enrollment provision can get further support by onboarding our payroll integration services.
Plan sponsors who want to add these services should submit an Automatic Enrollment Services Election form along with a Participant Data Supplement file which is used to provide additional participant-level data that is required for the services to function properly. PlanPremier® plans already have auto enrollment support services, including eligibility tracking.
For more information about these services, review the RecordkeeperDirect Automatic Enrollment Overview guide, visit the Help Center or review the Administration guide. If you have any questions, call us at (800) 421-6019.
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