2025 401(k) Contribution Limit Increases to $23,500

Friday, November, 01, 2024 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
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 issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax

IRS issues Guidance on Inadvertent Benefit Overpayments

Wednesday, October, 16, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 guidance on the treatment of inadvertent benefit overpayments under the SECURE 2.0 Act of 2022. Read More

SECURE 2.0 Impact on Forms W-2

Monday, September, 09, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 allows for additional features in various employer retirement plans to encourage use of these plans. Read More

IRS Issues Interim Guidance on Employer Matching Contributions Related to Student Loan Payments

Monday, August, 19, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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 loan payments made by their participating employees. Read More

Updated Guidance Issued on Required Minimum Distributions

Thursday, July, 18, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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 SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries for required minimum distributions. Read More

IRS Provides Guidance on Early Permissible Retirement Plan Distributions

Friday, June, 21, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 personal expenses and for victims of domestic abuse. Read More

IRS Provides Guidance for Pension-Linked Emergency Savings Accounts (PLESAs)

Saturday, January, 13, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service has issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans. Read More