DOL Releases 2023 Audit Quality Study
Tuesday, December, 05, 2023
The DOL released its 2023 Audit Quality Study based on the plan year 2020 Form 5500 filings. This is the 4th Audit Quality Study performed. The previous studies were performed by in 1997, 2004 and 2015. Read More
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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2024 401(k) Contribution Limit Increases to $23,000
Wednesday, November, 01, 2023
The Internal Revenue Service announced November 1, 2023 that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax
EFAST2 Authentication Process is Changing
Monday, September, 25, 2023
The DOL’s EFAST2 website authentication process is being modernized in 2023. As part of this modernization, DOL is phasing out the existing method of logging in to the EFAST2 website with an EFAST2-issued User ID and password. Read More
IRS Announces Administrative Transition Period for New Roth Catch-up Requirement; Catch-up Contributions Still Permitted after 2023
Friday, August, 25, 2023
On August 25, 2023, the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions. Read More