Posts by Matthew Flanary
Employee Benefits Update: IRS Benefit Plan Limitations
Earlier this afternoon, the Internal Revenue Service issued the adjusted retirement plan limitations for As expected, most of the limits will significantly increase from 2022: Elective Deferral Limit: $22,500 (increased from $20,500 in 2022) Catch-Up Contributions: $7,500 (increased from $6,500 in 2022) 415 (Total) Plan Limit: $66,000 (increased from $61,000 in 2022) Compensation Limit: $330,000…
Read MoreIRS Benefit Plan Limitations for 2020
Earlier this week, the Internal Revenue Service issued the various retirement plan limitations for 2020. There are changes to some of the most important limitations from 2019: Elective Deferral Limit $19,500 (increased from $19,000 in 2019) Catch-Up Contributions $6,500 (increased from $6,000 in 2019) 415 (Total) Plan Limit $57,000 (increased from $56,000 in 2019) Compensation…
Read MoreEmployee Benefits Update: IRS Benefit Plan Limitations
Late yesterday, the Internal Revenue Service issued most of the adjusted retirement plan limitations for 2022. As expected, most of the limits will be increased from 2021: Elective Deferral Limit: $20,500 (increased from $19,500 in 2021) Catch-Up Contributions: $6,500 (unchanged from 2021) 415 (Total) Plan Limit: $61,000 (increased from $58,000 in 2021) Compensation Limit: $305,000…
Read MoreStimulus Bill Impact on FFCRA Paid Leave and Tax Credits
On December 27, 2020, President Trump signed into law a new coronavirus stimulus bill that includes provisions which modify and extend certain parts of the Families First Coronavirus Response Act (FFCRA). The FFCRA was set to expire on December 31, 2020. The new stimulus bill does not require employers to continue FFCRA paid leave benefits. …
Read MoreEmployee Benefits Update: IRS Benefit Plan Limitations
Earlier this morning, the Internal Revenue Service issued various retirement plan limitations for 2021. Some of the most important limits remain unchanged from 2020: Elective Deferral Limit: $19,500 (unchanged from 2020) Catch-Up Contributions: $6,500 (unchanged from 2020) 415 (Total) Plan Limit: $58,000 (increased from $57,000 in 2020) Compensation Limit: $290,000 (increased from $285,000 in 2020)…
Read MoreA Second Chance for Your 403(b) Plan
On March 27, the Internal Revenue Service (“IRS”) extended the deadline by which most school districts and other eligible employers must restate their 403(b) plan documents. The new deadline is June 30, 2020. This new deadline is a welcome reprieve for employers who were not aware of the deadline or who were unable to complete…
Read MorePossible 403(b) Plan Changes for School District Employees Under the CARES Act
On Wednesday night, the Senate unanimously adopted the Coronavirus, Aid, Relief and Economic Security (CARES) Act. On March 27, 2020, the House of Representatives passed the CARES Act, which is now awaiting the President’s signature. The CARES Act is an unprecedented bill that will impact almost every area of the U.S. economy, including three specific…
Read MoreRetirement Plan Relief for Employees and Employers Under the CARES Act
On Wednesday night, the Senate unanimously adopted the Coronavirus, Aid, Relief and Economic Security (CARES) Act. On March 27, 2020, the House of Representatives passed the CARES Act, which is now awaiting the President’s signature. The CARES Act is an unprecedented bill that will impact almost every area of the U.S. economy, including employer retirement…
Read MoreTax Obligations and Credits for Governmental Employers Under the FFCRA
As employers prepare to implement the provisions of the Families First Coronavirus Response Act (FFCRA), we have received a number of questions regarding the application of the tax credit provisions to governmental employers. While the paid leave credits provided under the FFCRA do not currently apply to governmental employers, the FFCRA does provide governmental employers,…
Read MoreEmployee Benefits Update: IRS Benefit Plan Limitations
Earlier this week, the Internal Revenue Service issued the various retirement plan limitations for 2020. Here are some of the most important changes from 2019: Elective Deferral Limit: $19,500 (increased from $19,000 in 2019) Catch-Up Contributions: $6,500 (increased from $6,000 in 2019) 415 (Total) Plan Limit: $57,000 (increased from $56,000 in 2019) Compensation Limit: $285,000 (increased…
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