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2024 401(k) Contribution Limit Increases to $23,000

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David Torrillo
Wednesday, November, 01, 2023 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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
401(k)403(b)Defined Benefit PlansIRSPension Plans

EFAST2 Authentication Process is Changing

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David Torrillo
Monday, September, 25, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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. In January 2023, EBSA began moving EFAST2 users to a single sign-in solution at Login.gov to access federal
401(k)403(b)Defined Benefit PlansDOLEFAST 2 Filing of Form 5500sForm 5500

IRS Announces Administrative Transition Period for New Roth Catch-up Requirement; Catch-up Contributions Still Permitted after 2023

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David Torrillo
Friday, August, 25, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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. At the same time, the IRS also clarified that plan participants who are age 50
401(k)403(b)IRSRoth Catch Up

Guidance on Section 305 of the SECURE 2.0 Act of 2022 with Respect to Expansion of EPCRS (Notice 2023-43)

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David Torrillo
Friday, May, 26, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Recently the Internal Revenue Service released Notice 2023-43 which provides guidance on section 305 of the SECURE 2.0 Act of 2022 with respect to the expansion of the Employee Plans Compliance Resolution System (EPCRS). Below are details from Notice 2023-43. PURPOSE Notice 2023-43 provides guidance in the form of questions and answers with respect to
401(k)403(b)Defined Benefit PlansEPCRSIRSPension Plans

DOL ISSUES CHANGES TO 2023 FORM 5500

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David Torrillo
Friday, February, 24, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The U.S. Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) (together “Agencies”) on February 23, 2023 released Federal Register notices that announce changes to the 2023 Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form. The announcement marks the third and final phase of implementation
DOLForm 5500IRSPBGC

SECURE 2.0 Act of 2022

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David Torrillo
Monday, December, 26, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
SECURE 2.0 Act of 2022 was passed by Congress as part of the  year-end omnibus bill. It builds upon the reforms included in the Setting Every Community Up For Retirement (SECURE ) Act of 2019. Some key provisions include: Expanding automatic enrollment in retirement plans. Section 101 requires 401(k) and 403(b) plans to automatically enroll
401(k)403(b)Defined Benefit PlansDOLEPCRSHardship DistributionsIRSPBGCPension PlansRequired Minimum Distributions

DOL Issues Final Rule on ESG Factors in Plan Investments

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David Torrillo
Thursday, November, 24, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The U.S. Department of Labor announced a final rule that allows plan fiduciaries to consider climate change and other environmental, social and governance (ESG) factors when they select retirement investments and exercise shareholder rights, such as proxy voting. The rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” follows Executive Order 14030,
DOLPlan Fiduciary Update
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Recent Posts

  • DOL Releases 2023 Audit Quality Study

    The DOL released its 2023 Audit Quality Study b...
  • 2024 401(k) Contribution Limit Increases to $23,000

    The Internal Revenue Service announced November...
  • EFAST2 Authentication Process is Changing

    The DOL’s EFAST2 website authentication p...

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  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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Glen Mills, PA 19342

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