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

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David Torrillo
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
401(k)403(b)Contribution LimitsDefined Benefit PlansIRSPension Plansretirement savings

IRS issues Guidance on Inadvertent Benefit Overpayments

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David Torrillo
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
401(k)403(b)Benefit OverpaymentsDefined Benefit PlansEPCRSIRSPension Plans

DOL Updates Cybersecurity Guidance

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David Torrillo
Monday, September, 09, 2024 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 governed by the Employee Retirement Income Security Act, including health and welfare plans, and all employee retirement benefit plans. Read More
401(k)403(b)CybersecurityDefined Benefit PlansDOLEBSAEnforcement prioritiesPension Plans

DOL ANNOUNCES PROPOSED INFORMATION COLLECTION TO BUILD ONLINE SEARCH TOOL TO HELP FIND ‘LOST’ RETIREMENT SAVINGS

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David Torrillo
Wednesday, April, 17, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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 establish an online search tool to help America’s workers locate lost retirement savings they earned. Read More
401(k)403(b)DOLEBSAEFAST 2 Filing of Form 5500sForm 5500Pension Plansretirement savingsSearch Tool

DOL Releases 2023 Audit Quality Study

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David Torrillo
Tuesday, December, 05, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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
401(k)403(b)Audit QualityDOLEBSAPension Plans

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

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). Read More
401(k)403(b)Defined Benefit PlansEPCRSIRSPension Plans
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Recent Posts

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  • Forms and Procedures
  • 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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