Finally, some changes are coming to SIMPLE IRAs, starting in 2024. This change is thanks to SECURE 2.0.
The dollar limits on annual employee contributions and catch-ups to SIMPLE IRAs will rise 10% for employers with 25 or fewer workers.
A firm with 26 to 100 employees could also have higher employee payin limits, provided it jumps through some hoops.
Another change lets employers make up to $5,000 more in contributions to SIMPLEs.