401(k)

Much later than usual, the IRS released the 2020 retirement plan contribution limits. Earlier this year, they also released the High Deductible Health Plan (HDHP) and Health Savings Account (HSA) limits. We now also have the cafeteria plan, adoption credit, and transit benefit limits as well.

The US Department of Labor has suddenly realized that employers and their employees use a newfangled means of communicating in the real world: e-mail and the internet. In a bold move proposing their latest regulations he DOL has proposed new rules.

The U.S. Department of Labor (DOL) recently published an Information Letter that confirms the general preemption under ERISA of state civil laws that require employers to obtain written consent before withholding amounts from employees’ wages for contribution to a benefit plan subject to ERISA.

The IRS has announced the limits for employee benefit plans for 2019.

The IRS has recently sort of, kind of, maybe, in special circumstances enabled employers to make a matching contribution to their 401(k) plan on behalf of eligible plan participants who, instead of contributing to the 401(k), make certain qualifying student loan repayments instead.

A new Section 199A of the 2017 Tax Act passed by Congress in December of that year enables small business owners--especially sole proprietors, subchapter S corporations, and partnerships--to get up to a 20% deduction of qualified business income if they have total income below certain thresholds.

When small employers make operational errors in their 401(k) or other retirement plans, and before the IRS or DOL provide a notice of an audit, the employer has the ability to self-correct under two different IRS programs.

With IRS Notice 2017-64, we now have the applicable retirement and health and welfare benefit limits for 2018. Many (but not all) have increased from 2017. Earlier this year, the IRS announced the 2018 Health Savings Account (HSA) limits and plan designs.

It’s always a good idea to keep your retirement plan as clean as possible by maintaining good employee records. In the event you do lose track of a plan participant, below are some suggested ways to locate former employees.