April 2025

Cheers to 30 Years
This year marks a significant milestone for the Co-op 401(k) Plan – celebrating 30 years since 1995! Today, the plan serves over 250 cooperatives and over 18,000 participants. Join us in celebrating three decades of growth and the financial well-being of cooperatives everywhere.




SECURE 2.0 Updates: Changes to Catch-Up Contributions
The higher catch-up limit for individuals reaching ages 60 to 63 in 2025 became effective January 1. The Co-op 401(k) Plan Fiduciary Board recently approved amending the plan to offer the higher limits. Watch for more information on this increased savings opportunity.

Beginning in 2026, Highly Paid Individuals (HPIs) must make all catch-up contributions as Roth (after-tax). The IRS originally slated this change for 2024, but delayed the effective date until 2026. In the guidance for HPI catch-up contributions, the IRS defines an HPI based on Federal Insurance Contributions Act (FICA) wages from the prior calendar year. For employees who earn $145,000 (indexed for future years) or more in FICA wages in 2025, all catch-up contributions in 2026 must be Roth. Check with your payroll provider to make certain they will be updating their systems for this change. Your Relationship Manager will work with you during 2025 to ensure systems are in place and participants are aware of the upcoming changes
What Your Participants Will See Next From Milliman
Over the next few months, we'll focus on educating and motivating participants to build a better financial future. Our next Financial Wellness Webinar will answer the top questions we get from participants about saving for retirement.
  • April Focus: Budgets, Emergency Savings & Debt
  • May Focus : Retirement Plan FAQs Webinar on May 20. Use this digital sign to promote the webinar.
  • June Focus: Savings and Investing Milestones
 
Participant Account Security & Collecting Email Addresses Is
a Partnership
Participant email addresses and cell phone numbers are critical to safeguard accounts. This data expedites the registration process and ensures participants are immediately notified of account activity. When plan sponsors provide this data directly to Milliman, we see improved user experiences on millimanbenefits.com and with Milliman’s Call Center. Plus, when we have email addresses on file, participants will receive more ongoing financial education from Milliman, including invitations to regular financial wellness events. There is also a cost savings benefit as email addresses are leveraged to send required notices, reducing some of the expense for print and postage.

We will continue to collect as many participant email addresses and cell phone numbers as we can from plan sponsors. If you are not currently providing one or both of these data points, we ask that you work with your payroll provider to include them. Whether or not email addresses are on your payroll file, you can also help by encouraging your participants to log in to millimanbenefits.com to register their account. Download this flyer to help explain the process to your participants.
Rockbridge Investment Management
For investment advice related to asset allocation, participants may call Rockbridge Investment Management at 1.888.689.2351 or visit them online at rockbridgeinvest.com/coop401k. Experienced advisors are available to assist with any retirement planning matter.
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