SECURE 2.0 Act - Position Paper UPDATED June 2023 (U.S.A. Only)

June 20, 2023 | 3 minute read
Tammy Boyles
Product Management Director
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The term SECURE 2.0 is beginning to resonate among Benefit professionals. I have noticed an uptick in emails, list serve, and support questions in the last month.  If you haven’t heard, SECURE 2.0 is a huge legislative change with 92 provisions that affect retirement savings plans. Some of the changes are voluntary while others are mandated. This is why I have been encouraging folks to start their own review of the legislation and how it impacts your organization. Not all customers will be doing the same thing so it is important to work with your team and third party savings plan partners. You can also go directly to BILLS-117hr2617enr.pdf (congress.gov) to read the legislative bill.

Oracle/PeopleSoft has been closely monitoring and, even more importantly, waiting for federal agencies to provide additional interpretation and specific instructions on the SECURE 2.0 ACT provisions. We provided our first Position Statement in January 2023, updated the Position Statement in March 2023, and just updated the Position Statement (Doc ID 2924423.1) June 2023 with information about feature enhancements under consideration. The position statement will continue to be updated as needed.

While PeopleSoft’s current Benefits functionality and flexible setup will meet many of the basic requirements set out in the Act, we do plan to provide additional documentation to assist customers in understanding possible configuration options.  It is important to understand that enhancements and documentation may not be limited to Base Benefits but may require Benefits Administration as well. Also, some of the enhancements that require payroll data may only be available for Payroll for North America customers as the data is not readily available from Payroll Interface. 

Although we are still waiting on IRS guidelines, we are designing and building generic configuration and processes based on our current understanding of the Act. Once the final IRS guidelines are published we may have to tweak our initial design. Thus, what I write about today is high level but provides you with the confidence to know that we are well aware of the situation. We anticipate that our first enhancements will be released as separate patches (PRP’s).

Here are some of the enhancements that Oracle is considering for Savings Plans in PeopleSoft. Please note that not all of these will be provided at the same time.

  • Update the Limit Table to provide flexibility for setting:
    • Section 603 – FICA earnings limit
    • Section 109 - Limits based on age
  • Create a checkbox on the Benefits Saving Extension page and update the Benefits Age Extension process to automatically identify employees over the age of 50 that have reached the FICA Earning Limit in the prior calendar year if the customers is using Payroll for North America
  • Create a 415c limit which will be helpful in monitoring the SECURE 2.0 Act
  • Providing minimum contribution amounts and percentage fields with validation for Saving Plans

The Benefits Focus Group continues to meet for open discussions to understand what organizations are considering as their strategy around the SECURE 2.0 Act. We also discuss in a bit more detail the enhancements we are considering to gather feedback from the group.

 As I have mentioned, some of the provisions of the Act are voluntary. Where voluntary functionality is not available we will consider new enhancements based on a number of factors, including Ideas Lab votes.

Follow our blogs as we will continue to keep you up to date about what we are doing. If you are interested in joining the Benefits Focus Group, please send an email to tammy.boyles@oracle.com. Your organization must complete and sign a confidentiality agreement to participate.  If you do not have an agreement, I will gladly help you get the process started.  

Disclaimer: The information in the documents may not be construed or used as legal advice about the content, interpretation or application of any law, regulation, or regulatory guideline. Customers and prospective customers must seek their own legal counsel to understand the applicability of the law or regulation.

Tammy Boyles

Product Management Director


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