PODCAST: Williams Mullen's Benefits Companion - Big Changes to Catch-Up Contributions in 2025
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Correcting Health Savings Account Contribution Errors
New proposed regulations issued by The Department of Treasury and IRS provide guidance on the provisions related to catch-up contributions that were included under SECURE 2.0 Act of 2022 (“SECURE 2.0”)....more
The Internal Revenue Service (IRS) has announced 2025 dollar limits on benefits, contributions, and compensation. The Internal Revenue Code (Code) affords tax benefits for employers that sponsor qualified plans and for...more
The Commissioner of Internal Revenue announced the 2025 dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration increased the Social Security taxable wage base....more
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
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
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
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
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
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 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
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
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
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
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
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
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
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
We can provide valuable, preventive advice that enhances your bottom line in a wide range of situations. ...more
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
Recently, the Internal Revenue Service (IRS) issued the updated retirement plan limitations for 2017. IRS Notice 2016-62 sets forth the 2017 limits to amounts that can be deferred under 401(k) plans, 403(b) and 457(b) plans...more
In October, two newly released guidances from the Internal Revenue Service (IRS) and Social Security Administration confirm that the United States cost of living did not increase enough to warrant a cost-of-living adjustment...more
The IRS recently announced cost of living adjustments for 2016. In general, the dollar limitations for retirement plans remained the same. The key dollar amounts are noted below, all of which remain unchanged from 2015....more
The Internal Revenue Service (IRS) has issued the new 2016 retirement plan limitations. In this announcement, the IRS sets forth the limits of the amounts that can be deferred under 401 (k) plans, 457 (b) plans and the...more
The Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation periodically adjust for cost-of-living increases certain limitations that impact employee benefit plans. These...more
On October 21, 2015, the Internal Revenue Service (IRS) announced the cost-of-living adjustments impacting tax-qualified pension plans for 2016. The increase in the cost-of-living index did not meet the statutory thresholds...more