In this episode, listen to Robbin Velayedam and guest Tamara (Tammy) Boyles, Product Management Director at Oracle PeopleSoft, chat about the impact of Secure 2.0 Act on PeopleSoft customers.

The episode begins with Tammy (who was also an Oracle PeopleSoft customer) talk about her journey of joining the Oracle PeopleSoft team. This segment is followed by Robbin sharing the benefits of former customers joining the team. The discussion soon turns to the importance of Secure 2.0 Act.

As the discussion progresses, Tammy emphasizes the need for the PeopleSoft customers to understand the provisions of the act that affect their organizations’ and suggests the customers to work with the legal teams and third-party providers. The main concern for customers in this Act is with the Section 603, which requires certain employees to contribute their catch-up portion into a Roth after-tax fund. It is also explained that the challenges of determining who is affected by the FICA earning threshold and the uncertainty around changes to the FICA threshold and catch-up limit.

Also Read: IRS Announces an Administrative Transition Period for Section 603 of the SECURE 2.0 Act

In the latter part of this episode Tammy and Robbin discuss what PeopleSoft customers should do to prepare for changes from the Secure 2.0 Act, which is:

1. Customers should ensure they understand the requirements outside of PeopleSoft that they will be responsible for.
2. They should be aware of the impact on their retirement savings, as higher wage earners may lose the ability to contribute to before-tax savings.
3. Customers should be prepared to set up their tables, create their base activity, and potentially set up Roth plans.
4. They should actively monitor legislative updates and share any information they find with the vendor. The speaker also mentions blogs and webinars as additional resources for customers seeking more information.

You can access the full episode below.