2021 COLA Adjustments: 401(k) Contribution Limit Remains $19,500 for 2021
Tuesday, October, 27, 2020
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79. Key employee contribution limits remain unchanged The limit on contributions by employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $19,500. Read
- Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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Plan Withholding Requirement For State Unclaimed Funds
Monday, October, 19, 2020
Under Revenue Ruling 2020-24, the Internal Revenue Service has ruled that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property fund and that it must report the payments on Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.). Read More
IRS Updates Operational Compliance List for 2020
Tuesday, September, 15, 2020
The IRS recently updated its Operational Compliance List to include 2020 legislation and guidance to help plan sponsors identify changes that may affect their plan’s compliance. The Operational Compliance List (“OC” List) is provided per Rev. Read More
Lifetime Income Illustrations Issued by DOL
Wednesday, August, 19, 2020
On August 18, 2020,the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced an interim final rule that will help workers determine their ability to retire by allowing them to estimate how their current savings in a 401(k)-type plan might translate into lifetime monthly payments. Read More