Snell & Wilmer Benefits

MAY 31, 2024

s increased catch-up contribution limits set to take effect next year, it’s time for 401(k) plan sponsors to brush up on the rules and consider how to administer the changes. Under the current rules, 401(k) plans may allow participants to make catch-up contributions when they are age 50 or older. With SECURE 2.0’s

401(k) 52

401(k) Payroll Taxes Employee Benefits 52

Benefits Notes

DECEMBER 28, 2022

Effective for tax years beginning after December 31, 2026, the Act replaces the existing tax credit for participant contributions to IRAs or retirement plans with a federal matching contribution that must be deposited into the taxpayer’s IRA or retirement plan. Mandatory Automatic Enrollment in New 401(k) & 403(b) Plans.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Snell & Wilmer Benefits

AUGUST 28, 2023

requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. Notice 2023-62 addresses these concerns by giving plan sponsors until January 1, 2026 to implement the SECURE 2.0 More specifically, SECURE 2.0 Roth catch-up rule.

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

Benefits Notes

AUGUST 29, 2023

As signed into law, Section 603 of the SECURE 2.0 In this notice the IRS announced transition relief that will give plan sponsors and plan service providers additional time to prepare for the implementation of Section 603 of SECURE 2.0. The transition relief provides, among other things, that: As anticipated, SECURE 2.0

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

Empuls

JUNE 21, 2024

mostly provided traditional 401(k), while 68% also offered Roth 401(k) plans.  Also known as the 401(k) bill, this makes it mandatory for businesses with 10 or more employees to offer a retirement solution to their employees.   - The same study also revealed that 94% of the employers in the U.S.

401(k) 40

401(k) Retirement Plan Pension roth 401(k) 40

Proskauer's Employee Benefits & Executive Compensa

AUGUST 28, 2023

Next steps for plan sponsors and employers : Although Notice 2023-62 offers some much needed breathing room for plan sponsors and employers, given the complexity of system administration, efforts should continue toward a January 1, 2026 implementation date.

Taxes 52

Taxes Employment 401(k) 52

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

Among other changes, it: Requires automatic enrollment for new 401(k) and 403(b) plans that are first established after SECURE 2.0’s Among other changes, it: Requires automatic enrollment for new 401(k) and 403(b) plans that are first established after SECURE 2.0’s

401(k) 108

401(k) Retirement Plan Taxes Finance 108

McNees

JANUARY 19, 2021

Similar to the COVID distributions, a 401(k) may allow “qualified disaster distributions” up to $100,000 that will not be subject to the 10% early withdrawal penalty. The Act extends the exclusion until January 1, 2026. Special Disaster-Related Rules for Use of Retirement Funds.

Employee Benefits 40

Employee Benefits Flexible Spending Health Insurance Pension 40