Retirement plan contribution limits effective January 1, 2024, include: 401(k) Contributions Increased to $23,000 Catch-up: stayed the same at $7,500 IRA Contributions Roth: increased to $7,000 Traditional: increased to $7,000 Catch-up: stayed the same at $1,000...
April If a plan audit is required in connection with the Form 5500, make arrangements with an independent accountant/auditor for the audit to be completed before the Form 5500 due date (calendar-year plans). Audit first quarter payroll and plan deposit dates to ensure...
January Send payroll and employee census data to the plan’s recordkeeper for plan-year-end compliance testing (calendar-year plans). Audit fourth quarter payroll and plan deposit dates to ensure compliance with the DOL’s rules regarding timely deposit of participant...
Many 401(k), 403(b), and other defined contribution plans have evolved to resemble defined benefit or pension plans in a few important ways, except for one, the ability to receive a stream of income from the plan over one’s retirement years. But that is changing as...
Thank you all that have submitted questions the past few months. We have had some great ones thrown out and we hope these answers help. Don't be afraid to ask a question, someone else is probably wondering about the same thing. Q: Our small company has, of course,...
October Audit third quarter payroll and plan deposit dates to ensure compliance with the U.S. Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments. For calendar year safe harbor plans, issue the required notice to...
The CARES Act waives RMDs in 2020 so that individuals and beneficiaries are not forced to take distributions from their retirement savings when their account balances are significantly lower than they were at year-end 2019. The waiver applies to defined contributions...
Your retirement benefit plans may have moved to the figurative back seat for a while, but retirement plan fiduciary issues did not stop during the Coronavirus pandemic. As you sift through what has happened in 2020, you’ll want to pay close attention to fiduciary...
As we collectively struggle through the challenges presented by the Coronavirus pandemic, one thing is certain: employers are faced with some tough choices that will impact the company and its employees well into the future. Here are a few brief comments and...