The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2024....more
Effective: January 1, 2024 The IRS has released the 2024 cost-of-living adjustments applicable to the dollar limitations on benefits and contributions of retirement plans and health and welfare benefit plans. We recommend...more
On November 1, 2023 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Almost all of the limits shown below have increased from last year....more
In Gragg v. UPS Pension Plan, 55 F.4th 1059 (6th Cir. 2022), the Sixth Circuit held that the limitations period for an ERISA claim to recover benefits due under a plan did not expire before the alleged underpayment on which...more
I saw a recent article by Matthew Breunig, suggesting that instead of cutting Social Security, we should end the tax breaks for 401(k) plans. He claims that the tax advantage of IRAs and defined contribution plans is $371...more
The Pennsylvania Workers’ Compensation Act (Act) was amended in 1996 to allow an employer to take an offset against workers’ compensation wage loss benefits for 50% of Social Security retirement benefits received, if that...more
Ages 25, 30, 35, 40 – save more spend less - Save as much as possible on a pre-tax or tax-advantaged basis - (Why think about retirement at these young ages? Because, with a little luck, you’ll be old someday)....more
On November 1, 2018 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
As 2017 comes to an end, we are happy to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end...more
The IRS recently announced cost-of-living adjustments for 2018 in Notice 2017-64 and related guidance. The key dollar limits for qualified retirement plans and health and welfare plans are noted below....more
I started writing this when Scaramucci was communications director, but before I could finish it the revolving door at the West Wing had swung again and he was out. In addition to his statements made to the press, which do...more
The CFPB has issued a guide that is intended to assist near-retirees with private sector payment plans in deciding whether to choose monthly payments or a lump-sum payout. The guide includes a series of questions for...more
The federal budget agreement that President Obama signed into law November 2, 2015, spells the end to two Social Security strategies that some spouses have used to maximize benefits. The strategies were worth tens of...more
The divorce rate in the United States has been dropping during the past 20 years. However, divorce among spouses over 50 years old has doubled since 1990! The surge has spawned the term “gray divorce” for these older...more
The Commissioner of Internal Revenue has adjusted the dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration has also increased the Social Security taxable wage...more
The U. S. Supreme Court has declared unconstitutional a portion of the Defense of Marriage Act (DOMA), which had established a federal definition of marriage as a legal union only between one man and one woman....more
While the U.S. Supreme Court(the “Court”) ruled section 3 of the Defense of Marriage Act (“DOMA”) unconstitutional, that does not mean that the changes for human resources departments and employee benefits plans can be...more
From time to time, we hear about threats to the Social Security System – even talk about eliminating it for younger workers. Some reports indicate that about half of Americans have less than $10,000 in savings, while other...more