The 2024 Plan Year is Open
It's time to update your employees' information for the 2024 plan year (July 1, 2023 – June 30, 2024) in the MyRPB for Employers portal.
Here's what you need to do:
- Review and settle all 2023 plan year balances. Go to “View Retirement Plan Summary” to check if there is a balance and then make the required payment.
- Enroll new employees in the retirement plan on the “Manage Plan Participants” screen.
- Add a termination date for employees who no longer work for you on the “Manage Plan Participants” screen. If you know an employee's future termination date, you can enter it as well.
- Adjust compensation and contribution information for participating and new employees. Use the “+ Add Record” button and set the effective date to July 1, 2023.1
- Schedule payments for the new plan year. Remember, until July 1 the portal defaults to the current 2023 plan year. If you create payments for the 2024 plan year before July 1, make sure to select the 2024 plan year.
Some Reminders for Scheduling Payments
- Always create new employer and employee payment schedules for the new plan year. They don't automatically carry over from the prior plan year.
- Use the semi-monthly or bi-weekly payment options to align employee contribution payments with your payroll cycle.2
- Get familiar with the IRS annual limits for employee and employer 403(b) contributions. Visit rpb.org/limits for more information.
- Or the appropriate date for your organization's fiscal year.
- The Department of Labor requires employee retirement plan contribution payments to be made as soon as possible after the money is withheld from paychecks.