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2025 401(k) Contribution Limit Increases to $23,500
The Internal Revenue Service announced November 1, 2024 that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS also...
IRS issues Guidance on Inadvertent Benefit Overpayments
Internal Revenue Service (IRS) Notice 2024-77, “Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments” provides interim...
DOL Updates Cybersecurity Guidance
In its continuing effort to protect U.S. workers’ retirement and health benefits, the U.S. Department of Labor updated current cybersecurity guidance confirming that it applies to all types of plans...
SECURE 2.0 Impact on Forms W-2
The Internal Revenue Service reminds businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the amounts they need to report on their Forms W-2. The SECURE 2.0 Act...
IRS Issues Interim Guidance on Employer Matching Contributions Related to Student Loan Payments
The Internal Revenue Service recently issued interim guidance for sponsors of 401(k) and similar retirement plans that provide, or wish to provide, matching contributions based on eligible student...
Updated Guidance Issued on Required Minimum Distributions
The Department of the Treasury and the Internal Revenue Service issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the...
IRS Provides Guidance on Early Permissible Retirement Plan Distributions
The Internal Revenue Service recently issued Notice 2024-55, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency...
DOL Issues Retirement Security Rule
On April 23, 2024, the U.S. Department of Labor released the Retirement Security Rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act...
DOL ANNOUNCES PROPOSED INFORMATION COLLECTION TO BUILD ONLINE SEARCH TOOL TO HELP FIND ‘LOST’ RETIREMENT SAVINGS
The U.S. Department of Labor announced on April 15, 2024 that its Employee Benefits Security Administration is proposing to collect information from plan administrators on a voluntarily basis to...
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