News & Analysis as of

Contribution Limits 401k

Snell & Wilmer

Catch Back Up on the SECURE 2.0 Increased Catch-Up Limits for 2025

Snell & Wilmer on

With SECURE 2.0’s increased catch-up contribution limits set to take effect next year, it’s time for 401(k) plan sponsors to brush up on the rules and consider how to administer the changes. Under the current rules, 401(k)...more

Pullman & Comley, LLC

New Dollar Limits Applicable to Retirement Plans for 2024

Pullman & Comley, LLC on

The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2024. Many...more

Bricker Graydon LLP

403(b) Plans - Not Your Average Salary Deferral Plan

Bricker Graydon LLP on

Congress continues to pass laws that move 403(b) plans ever closer to 401(k) plans, but 403(b) plans remain distinct. Understanding these differences allows you to maintain a compliant plan that best serves the needs of your...more

Clark Hill PLC

2024 Benefits Limits

Clark Hill PLC on

Happy Holidays! Employee benefits limits for 2024 have been promulgated by the government....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS Announced the 2024 plan limits

Inflation is affecting retirement plan limits again. Starting in 2024, employees can contribute up to $23,000 into their 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees, up from $22,500 in...more

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

Fisher Phillips

2024 Employee Benefit Limits Plus 6 Best Practices for Employers

Fisher Phillips on

Get Ready For The New Year Ahead - Employees can contribute more pre-tax dollars next year to their retirement savings accounts, including 401(k) and 403(b) plans, according to an IRS announcement made on November 1. Your...more

Tucker Arensberg, P.C.

Benefits Alert - November 2023

Tucker Arensberg, P.C. on

The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2024....more

Parker Poe Adams & Bernstein LLP

IRS Announces 2024 Dollar Limitations for Retirement Plans

The IRS has announced the 2024 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 to...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

Seyfarth Shaw LLP

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Increase in 2024

Seyfarth Shaw LLP on

Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...more

Groom Law Group, Chartered

2024 Benefit and Contribution Limits

The IRS recently announced that many of the key retirement plan limits will increase next year. Notice 2023-75 (Nov. 1, 2023). These limit increases are more modest than the 2023 increases, with some limits remaining the...more

Bricker Graydon LLP

Widespread Retirement Plan Limit Changes for 2024

Bricker Graydon LLP on

The IRS released its annual update for the cost-of-living adjustments for 2024. Similar to the adjustments made last year, there are widespread increases for 2024. ...more

Williams Mullen

Benefit and Contribution Limits for 2024

Williams Mullen on

The Commissioner of Internal Revenue announced the 2024 dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration increased the Social Security taxable wage base....more

Bowditch & Dewey

Two-Year Delay for Changes to Catch-up Contribution Rules

Bowditch & Dewey on

On August 25, 2023, the Internal Revenue Service announced a two-year delay in implementing changes to the catch-up retirement contributions of certain taxpayers....more

Fisher Phillips

There’s Relief in Sight: IRS Announces 2-Year Transition Period for Mandatory Roth Catch-Up Contributions

Fisher Phillips on

In welcome news to employers, recordkeepers, and payroll providers, the IRS announced last week that it is giving more time to comply with mandatory Roth catch-up contributions under the SECURE Act 2.0. As you may know,...more

Bowditch & Dewey

Big Changes to Retirement Plans Including 401K Catch-up Contributions

Bowditch & Dewey on

The SECURE Act 2.0 brings a slate of changes to retirement accounts and the way workers save for retirement. A summary of the Act can be found on the US Senate Finance Committee website....more

Lowenstein Sandler LLP

SECURE 2.0, and How Its Changes May Impact Your Company’s Retirement Plans

Lowenstein Sandler LLP on

Andrew E. Graw, Megan Monson, Jessica Kriegsfeld discuss the SECURE 2.0 Act and some of the retirement plan changes it will create in 2023 and beyond, such as raising the age for taking required minimum distributions from...more

Laner Muchin, Ltd.

SECURE 2.0 Makes Several Key Changes for Employer Sponsored Retirement Plans

Laner Muchin, Ltd. on

On December 29, 2022, as part of the Consolidated Appropriations Act of 2023, President Biden signed into law the SECURE 2.0 Act of 2022 (“SECURE 2.0”). SECURE 2.0 makes many significant changes to the employer sponsored...more

Venable LLP

SECURE 2.0 Has Arrived - Here's What You Need to Know

Venable LLP on

On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023. This legislation includes the highly anticipated SECURE 2.0 Act, which expands and supplements the original SECURE Act of 2019....more

Tucker Arensberg, P.C.

New Legislation Commonly Called “SECURE 2.0” was Recently Passed by Congress

Tucker Arensberg, P.C. on

New legislation commonly called “SECURE 2.0” was passed by Congress last week and signed into law on Tuesday by President Biden. The new legislation includes almost 100 different changes that are linked to retirement plans. ...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

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Act of 2022 Arrives: (Another) Landmark Retirement Package

The wait is over for SECURE 2.0, a long-awaited (and debated) package of retirement plan reforms.  Today, Congress passed the “SECURE 2.0 Act of 2022” as part of the 2023 Consolidated Appropriations Act; President Biden is...more

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