News & Analysis as of

401k Employee Benefits Qualified Retirement Plans

Stinson - Benefits Notes Blog

Annual Limits on Qualified Plans for 2024

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75, which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The...more

Locke Lord LLP

IRS Announces 2024 Retirement Plan Limits: Modest Increases

Locke Lord LLP on

The Internal Revenue Service announced the 2024 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more

BCLP

IRS Releases 2024 Adjusted Qualified Plan Limitations

BCLP on

The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan and welfare plan limitations effective January 1, 2024. For ease of reference and comparison to prior years, we have placed the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

2024 Will See Modest COLAs for Qualified Retirement Plans

On November 1, 2023, the 2024 calendar year cost-of-living adjustments to the contribution and compensation limits for tax-qualified retirement plans were released by the Internal Revenue Service (IRS) in Notice 2023-75....more

McDermott Will & Emery

IRS Announces 2024 Employee Benefit Plan Limits

McDermott Will & Emery on

The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Certain health and welfare plan limits...more

Locke Lord LLP

IRS Proposes Regulations on Using Forfeitures in 401(K) Plans (and Other Qualified ‎Retirement Plans)‎

Locke Lord LLP on

The Department of the Treasury and Internal Revenue Service recently issued proposed regulations (the “Proposed Regulations”) relating to forfeitures in 401(k) plans and other tax-qualified retirement plans. Forfeitures...more

Faegre Drinker Biddle & Reath LLP

The SECURE Act 2.0: The Most Impactful Provisions #12 — Multiple Employer 403(b) Plans

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more

Seyfarth Shaw LLP

Remedial Amendment Period Modifications and Other Technical Clarifications

Seyfarth Shaw LLP on

Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both individually-designed qualified 401(a) plans...more

Epstein Becker & Green

Video: SECURE Act 2.0 – What 401(k) Plan Sponsors Need to Know – Employment Law This Week

As featured in #WorkforceWednesday:  The SECURE 2.0 Act of 2022 (“SECURE Act 2.0”) is a sweeping piece of retirement legislation with complex new provisions. This week, we highlight a few of the SECURE Act 2.0’s key changes...more

Lowenstein Sandler LLP

SECURE 2.0 Legislation: Impact on Qualified Plans

On December 29, 2022, President Biden signed into law the federal omnibus spending bill titled the Consolidated Appropriations Act, 2023. Included in the omnibus bill is the SECURE 2.0 Act of 2022, which builds on the tax...more

BakerHostetler

SECURE 2.0 Act of 2022 - Congress' Final Gift of 2022 to Retirement Plan Sponsors

BakerHostetler on

For the second time in approximately three years, Congress passed broad legislation with sweeping impacts on retirement savings programs. The SECURE 2.0 Act of 2022 (SECURE 2.0) was included as part of the Consolidated...more

Fisher Phillips

10 Most Significant Employee Benefits Law Changes in 2023’s Federal Spending Bill

Fisher Phillips on

Besides ensuring the federal government remains fully funded, President Biden’s signature Thursday on the Continuing Appropriations Act, 2023 (CAA 23) contains several provisions that will directly impact health and...more

Fox Rothschild LLP

SECURE 2.0: A Summary of Key Changes Impacting Employer-Provided Retirement Plans

Fox Rothschild LLP on

President Biden is expected to sign the 2023 Consolidated Appropriations Act (CAA) this week. The law, which passed the House and Senate on Dec. 23 and Dec. 22, respectively, contains significant changes to employer-provided...more

Morgan Lewis

Expanded Opportunities: IRS Releases New Determination Letter Program for Individually Designed 403(B) Plans

Morgan Lewis on

The US Internal Revenue Service (IRS) recently issued Revenue Procedure 2022-40 to expand the IRS’s determination letter program to include individually designed 403(b) plans. Previously, the IRS’s determination letter...more

Williams Mullen

2022 Annual Employee Benefits Compliance Checklist for Plan Administrators

Williams Mullen on

Plan administrators should review actions to be taken before the end of 2022 and focus on what to expect for 2023. This checklist addresses plan amendments, notices and other considerations for qualified retirement plans,...more

Parker Poe Adams & Bernstein LLP

IRS Announces 2023 Dollar Limitations for Retirement Plans

​​​​​​​The IRS has announced the 2023 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines, with increases in many of the limits. The annual limit for elective deferrals...more

Proskauer - Employee Benefits & Executive...

IRS Announces 2023 Increases to Qualified Retirement Plan Limits

On October 21st, the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. Perhaps most notably, the annual limit for pre-tax and Roth contributions...more

Ruder Ware

2023 Qualified Plan Cost of Living Increases, 2023 Social Security Taxable Wage Base

Ruder Ware on

On October 21, 2022 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits.  All of the limits shown below have increased (in some cases significantly) from last...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Seriously Spiked COLAs for Qualified Retirement Plans for 2023

Qualified retirement plans will experience unusually sharp increases to compensation and contribution limitations for 2023 compared to adjustments in recent years. On October 21, 2022, the Internal Revenue Service (IRS)...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - Volume 13 Issue 6, June 2022

Organization Ideas For 401(k) Plan Sponsors To Limit Liability Organization tools always pop up for sale after New Year’s because a lot of people want to try to keep their resolutions. My local Costco always trots out the...more

McDermott Will & Emery

Recent Amendment Extensions for Qualified Retirement Plans, 403(b) Plans and Individual Retirement Accounts

McDermott Will & Emery on

The Internal Revenue Service (IRS) recently issued needed relief to extend some amendment deadlines for non-governmental qualified retirement plans and 403(b) plans, and for individual retirement accounts (IRAs) under the...more

Snell & Wilmer

2021 End of Year Plan Sponsor “To Do” List (Part 2) Annual Cost of Living Adjustments

Snell & Wilmer on

As is tradition, we are happy to present our End of Year Plan Sponsor “To Do” Lists. We are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end health and welfare plan issues. This...more

BCLP

IRS Releases 2022 Adjusted Qualified Plan Limitations

BCLP on

The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan limitations effective January 1, 2022. For ease of reference and comparison to prior years, we have placed the adjusted limitations...more

Stinson - Benefits Notes Blog

Annual Limits on Qualified Plans for 2022

On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-61, which sets forth the 2022 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans.  The...more

Ruder Ware

2022 Qualified Plan Cost of Living Increases, 2022 Social Security Taxable Wage Base

Ruder Ware on

On November 4, 2021 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. The vast majority of the limits shown below have increased from last year....more

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