by David Torrillo | Jan 13, 2024 | 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...
by David Torrillo | Dec 22, 2023 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Notice 2024-2 provides additional guidance on several provisions of Secure 2,0 Act. This notice provides guidance in the form of questions and answers with respect to certain provisions of the SECURE 2.0 Act of 2022. Read...
by David Torrillo | Dec 22, 2023 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service issued a Proposed Rule that would amend the rules applicable to plans that include cash or deferred arrangements under section 401(k) to provide guidance with respect to long-term, part-time employees. Read...
by David Torrillo | Nov 1, 2023 | 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...
by David Torrillo | Aug 25, 2023 | 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...
