401(k)

Your retirement plan offering is a valuable tool for recruiting and retaining talent, as well as helping your employees prepare for their retirement.  But, what if something were to happen to him or her before they could enjoy the savings they’ve worked so hard for?

The IRS has now released all of the 2025 benefit limits. These include both the cafeteria and health plan limits as well as all of the qualified retirement plan limits. Earlier this year, they also released the High Deductible Health Plan (HDHP) and Health Savings Account (HSA) limits.

For plan years beginning in 2024, this new optional opportunity is for the plan to treat Qualified Student Loan Payments (QSLPs) as if they were elective deferrals to the plan (even though they were not contributed to the plan) and to provide a matching contribution to the plan as if they were.

In a recent PLR from the IRS, an interesting optional approach to allow an employee to direct their employer contributions to a qualified retirement plan (such as a 401(k) plan) opens the door to some possibilities for employers looking to expand their benefit offerinngs without increasing costs.

Rather than seek out retirement plan consulting, many employers offer a take-it-or-leave-it retirement plan design from their payroll or other provider. They assume that all 401(k) plans are the same, not paying attention to the details. After all, don't we just have to say we have a plan?

Given all the recent news about student loans and the impact on both individual lives and the economy as a whole, we thought it was time to review what an employer can do to assist those either currently in post-secondary or technical schools as well as those who have graduated and now have loans.

Almost every organization that sponsors employee benefit plans must file IRS Form 5500. Of course, there are different rules and requirements for 5500s based on the type of plan being reported. In today’s post, we’re going to look at a few of the common questions that we receive about 5500s.

The IRS has now released all of the 2024 benefit limits. These include both the cafeteria and health plan limits as well as all of the qualified retirement plan limits.

Earlier this year, they also released the High Deductible Health Plan (HDHP) and Health Savings Account (HSA) limits.

401(k)’s and other retirement plans are extremely technical, But by working with a highly skilled Third Party Administrator (TPA), employers can be supported in these tasks, assured their plan is running smoothly, and in compliance with ERISA and IRS regulations.

On August 25, 2023, the IRS published Notice 2023-62, putting an “Administrative Transition Period” of two years on the SECURE 2.0 requirement that all participants earning $145,000 or more in the prior calendar year must make all catch-up contributions as Roth.

The IRS has released a new Notice that provides transition relief for Required Minimum Distributions (RMDs) under the SECURE 2.0 Act passed in December, 2022.

All 401(k) catch-up contributions must be Roth (after-tax), starting in 2024 for anyone earning $145,000+. That's only the beginning.