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SuitePeople U.S. Payroll Enhancements in NetSuite 2025.1

SuitePeople U.S. Payroll enhancements in version 2025.1 improve pension contributions and W-2 processing.

·2 min read·2025.1 — 2025.1 Release Notes·From NetSuite Release Notes PDF

Starting in NetSuite 2025.1, several enhancements have been introduced to the SuitePeople U.S. Payroll module. These updates are designed to streamline payroll processes and improve compliance for organizations by offering more robust features. Key enhancements include:

Key Enhancements

Pension Plan Contribution Pay Codes Grouping

The introduction of grouping for pension plan contribution pay codes allows employers to manage and report on pension contributions more effectively. This improves clarity and compliance in payroll reporting.

Download Form W-2 and Form W-2C

NetSuite now supports the direct downloading of IRS Form W-2 and Form W-2C. This simplifies year-end processes for payroll administrators, eliminating the need for third-party solutions and reducing potential errors during form preparation.

457(b) Catch-Up Contributions for Employees Aged 60 Through 63

Organizations can now enable catch-up contributions for employees aged between 60 and 63 for 457(b) plans. This feature supports employees' ability to increase their retirement savings in alignment with IRS regulations.

Support for 401(k) Retirement Plan in Catch-Up Age 60 to 63 Contributions

With this enhancement, employers can allow employees aged 60 to 63 to make catch-up contributions to their 401(k) retirement plans. This is essential for aiding employees in boosting their retirement funds in their later working years.

Who This Affects

  • Payroll Administrators: This release streamlines payroll preparation and reporting.
  • HR Managers: Enhanced features support better retirement planning for employees.
  • Finance Teams: Improved compliance and reporting accuracy for pension contributions and retirement plans.

Key Takeaways

  • Version 2025.1 introduces significant enhancements to U.S. Payroll.
  • New features simplify compliance with IRS regulations regarding retirement savings.
  • The ability to download W-2 forms directly from the system saves time and reduces errors.
  • Enhanced capabilities accommodate employees nearing retirement age, aiding their financial planning.
  • Payroll administrators will find improved reporting options for pension contributions.
Source: SuitePeople U.S. Payroll Enhancements — NetSuite Release Notes PDF. This article was generated from official Oracle documentation and enriched with additional context and best practices.

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