News & Analysis as of

Contribution Limits Benefit Plan Sponsors

Seyfarth Shaw LLP

Major SECURE 2.0 Guidance Issued: Extra Credit for Repaying Qualified Student Loans

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Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by...more

Bricker Graydon LLP

Which Should You Choose: Health Savings Accounts vs. Health Reimbursement Accounts

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When it comes to pre-tax savings for qualifying medical expenses, employers have several options available to offer employees. Two of the more popular options are health savings accounts (HSAs) and health reimbursement...more

Bricker Graydon LLP

Is Your Plan Deductible High Enough?

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Last month, the IRS released the 2025 cost-of-living adjusted limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs). The IRS requires that in order to contribute to an HSA, an individual must be...more

Snell & Wilmer

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

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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

Seyfarth Shaw LLP

IRS Releases Increased HSA Limits for 2025

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Seyfarth Synopsis: The IRS has announced increases to key limits for certain health and welfare benefit programs, including HSA contributions for 2025. The IRS recently released 2025 cost-of-living adjustments applicable to...more

Bricker Graydon LLP

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

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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

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

McAfee & Taft

Employee benefit rules: The gifts that keep on giving

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As employers look back at 2023 and ahead to 2024, there are so many compliance-related items to consider relating to their employee benefit plans.  The rules employers are supposed to be complying with keep growing and...more

Fisher Phillips

2024 Employee Benefit Limits Plus 6 Best Practices for Employers

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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

Seyfarth Shaw LLP

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

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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

Williams Mullen

Benefit and Contribution Limits for 2024

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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

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

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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

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

McDermott Will & Emery

IRS Announces 2022 Retirement Plan Limits

McDermott Will & Emery on

The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for retirement plans for 2022. Most of the dollar limits currently in effect for 2021 will increase, with...more

Faegre Drinker Biddle & Reath LLP

SECURE Act 2.0: What Defined Contribution Plan Sponsors Need to Know

With SECURE Act 1.0 (officially titled “Setting Every Community Up for Retirement Enhancement Act”) still being implemented by many plan sponsors, Congress is now considering a new package of laws designed to help close the...more

Williams Mullen

Benefit and Contribution Limits for 2021

Williams Mullen on

The Commissioner of Internal Revenue announced the 2021 dollar limitations for benefits and contributions that apply to retirement plans. Some limits have increased, while many remained the same. The Social Security...more

Schwabe, Williamson & Wyatt PC

2020 Benefit Limits

The Internal Revenue Service and Social Security Administration have announced the benefit plan and employment tax limits for 2020. Certain limitations will not change for 2020 because they are not subject to annual...more

Winstead PC

Retirement and Welfare Benefit Limits and Updated Form 5500s and Penalties

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With annual enrollment in full steam ahead mode, we have now received a number of remaining limits from the Internal Revenue Service. Attached is a chart that shows all of the limits for both retirement and welfare benefit...more

BCLP

2019 Qualified Plan Limits Released

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The Internal Revenue Service released the 2019 dollar limits for retirement plans, as adjusted under Code Section 415(d). We have summarized the new limits (along with the limits from the last few years) in the chart below...more

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

2019 Cost-of-Living Adjustments on IRS Benefit and Contribution Limits

On November 1, 2018, the Internal Revenue Service (IRS) announced the cost-of-living adjustments affecting tax-qualified pension plans for 2019. Most of the general pension limitations, including the limit on annual...more

Holland & Knight LLP

Finalized Regulations Allow Forfeitures to Fund QNECs, QMACs to 401(K) Plans

Holland & Knight LLP on

The Internal Revenue Service (IRS) has ruled that forfeitures under 401(k) plans can now be used to make qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs) to 401(k) plans. This recent...more

Littler

Plan Sponsors and Service Providers Must be Aware of Changes Made to Rules Pertaining to Puerto Rico Qualified Retirement Plans

Littler on

Recent changes to Puerto Rico’s tax treatment of certain retirement plans have taken effect. Act No. 106 of August 23, 2017 (“Act 106”) amended Section 1081.01 of the Puerto Rico Internal Revenue Code as amended, (the “PR...more

Poyner Spruill LLP

2018 Limits for Benefit Plans

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We can provide valuable, preventive advice that enhances your bottom line in a wide range of situations. ...more

Williams Mullen

Benefit and Contribution Limits for 2018

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The Commissioner of Internal Revenue announced the 2018 dollar limitations for benefits and contributions that apply to retirement plans. Some limits have increased while others remained the same....more

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