The Internal Revenue Service (IRS) gave plan sponsors an early Christmas gift with the release of new guidance late last year addressing several key provisions contained in SECURE 2.0. A welcome portion of the notice was further guidance on the new option allowing for participants in 401(k) and 403(b) plans to elect to receive employer matching ...
By: Lyndsey Barnett and Michaela Taylor*
Catch-up eligible individuals enrolled in an employer-sponsored retirement plan have new changes coming their way under Secure 2.0. Beginning in 2024, individuals age 50 or older by the end of the calendar year in which the plan year ends, that made over $145,000 in wages in the previous year with the same ...
In law school, students flocked to any meeting that offered free pizza. Free pizza got me roped into being the secretary of the environmental law club in law school, which was an area I had no knowledge or real interest in. But they served pizza at the meetings and I was broke, so I attended! It always amazes me that even at our law firm, people show up ...
By: Lyndsey Barnett and Michaela Taylor*
As we have mentioned in previous insights, the SECURE 2.0 Act, which was passed in December, has ushered in new ways for employers to assist their employees in building savings for the future. Two of these optional provisions specifically address expenses for emergencies.
Last year, the Consumer ...
At the end of last year, Congress passed, and President Biden signed, the new appropriations bill which contained the SECURE 2.0 Act. The legislation provides numerous changes that impact retirement plans and is an expansion of the earlier SECURE Act law. The previous SECURE Act changed the age at which retirees had to take required minimum ...
Late last week, the IRS released its annual update for the cost-of-living adjustments for retirement plans. As predicted based on the overall rate of inflation, there are widespread increases for 2023. As shown below, almost all IRS limits were affected by this year’s cost-of-living adjustments, including catch-up contributions.
Now that ...