Tag: 401k
ShindelRock’s Year-End Checklist for Small Businesses
As the year draws to a close, small business owners have a valuable opportunity to wrap up their financial matters on a strong note and strategically plan for the future. In this guide, we'll explore a checklist designed to streamline...
2023 retirement contribution limit increases announced
The IRS has announced new contribution limit increases fro both 401(k) and IRA retirement savings plans: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500,...
New clarifications announced for hardship distributions from retirement plans
A retirement plan may, but is not required to, provide for hardship distributions. Many plans that provide for elective deferrals provide for hardship distributions. Thus, 401(k) plans, 403(b) plans, and 457(b) plans may permit hardship distributions. If a 401(k) plan...
401(k) Contribution Limit increased to $20,500 in 2022
Starting in 2022, the maximum contribution that individual U.S. taxpayers can contribute to their 401(k) plans will increase to $20,500, up from $19,500 for 2021 and 2020. The limit on annual contributions to an IRA remains unchanged at $6,000. The...
Delay RMDs by rolling IRAs and prior 401(k) balances into current employer’s plan
Rolling over of IRAs (and prior employer's 401(k) retirement plans) into a current employer’s 401k plan may be a way for those who are subject to required minimum distributions (RMDs) and who are still working to delay having to take...
Guest Author Dan Bolda: New legislative changes to 401(k) provisions offers COVID-19 relief
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a host of provisions providing relief for both individuals and businesses with respect to retirement plans, including expanded availability of hardship withdrawals and plan loans. Plan sponsors must...
Understanding the key elements of the SECURE Act
Recently signed into law, the Setting Every Community Up for Retirement Enhancement (SECURE) Act is landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the...
New limitations for retirement plan funding
The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of changes for 2019 The contribution...
IRS announces 2018 pension plan limitations
The Internal Revenue Service issued the annual cost of living adjustments Thursday for 401(k) contributions, pension plans and other retirement-related matters. The contribution limit for workers who are enrolled in 401(k), 403(b), most 457 plans, and the federal government’s Thrift...
Guest Author Lisa Zimmer: The final fiduciary rule has arrived . . . finally
The Department of Labor (DOL) on April 6, 2016, issued the highly anticipated final fiduciary rule. While the essence of the final rule remains the same as the rule proposed last year, it has been tweaked to address, or eliminate,...