Related to: Retirement Plans
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…
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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…
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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…
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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…
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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…
Read MoreEarlier today, the Internal Revenue Service issued the various retirement plan limitations for 2016. The most important numbers have not changed from 2015. Elective Deferral Limit—$18,000 Catch-Up Contributions—$6,000 415 (Total) Plan Limit—$53,000 Compensation Limit—$265,000 See an up-to-date chart that shows the historical limits from 2012 through 2016, and a reference to the IRS sources. For…
Read MoreEarlier today, the U.S. Supreme Court issued a unanimous ruling that highlights the need to review 401(k) plan fees. The case is Tibble v. Edison and it reinforces the fact that employers need to understand 401(k) plan fees, minimize 401(k) plan fees and monitor 401(k) plan investments. The Tibble v. Edison Case. Tibble v. Edison…
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