Proskauer's Employee Benefits & Executive Compensa
JANUARY 16, 2024
requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. 401(k) Plans : If two or more 401(k) plans established before December 29, 2022, merge into a single ongoing plan, the ongoing plan is not subject to the SECURE 2.0
Proskauer's Employee Benefits & Executive Compensa
DECEMBER 15, 2023
The technical corrections bill includes this omitted language, clarifying that catch-up contributions are permitted in 401(k), 403(b), and 457(b) plans for all catch-up eligible participants. Starter 401(k) Plans. Automatic Enrollment Provision Applied to Multiemployer Plans. However, SECURE 2.0 Recouping Overpayments.
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Money Talk
JUNE 13, 2024
401(k) plan). Finally, it is not too early to begin thinking about income taxes in 2026, when the Tax Cuts and Jobs Act (TCJA) is set to expire. If Congress does not extend the TCJA or pass a new tax law before January 1, 2026, 2017 tax rules will apply, indexed for inflation.
Money Talk
DECEMBER 21, 2023
401(k), 403(b), 457b, and TSP). Income taxes are headed higher in 2026 if Congress does not pass a new tax law and the 2017 Tax Cuts and Jobs Act expires. Workplace Roth Accounts - Effective January 1, 2024, no required minimum distributions (RMDs) are required from workplace Roth accounts (e.g.,
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
Insperity
OCTOBER 10, 2023
employer-sponsored 401(k) plans. Act seeks to: Open access to 401(k) retirement plans to more people Provide greater opportunities to save Offer financial incentives to save while removing common barriers and penalties So, what does the law require of employers? The SECURE 2.0 In 2033, this age will be 75. The SECURE 2.0
Money Talk
APRIL 14, 2022
401(k), 403(b), 457, TSP). Roth IRA Conversions - Taxpayers concerned about rising tax rates (their own or the government’s) might want to convert money in a traditional IRA to a tax-free Roth IRA before tax rates are set to rise in 2026. Sometimes, saving just 1% more of pay can make a big difference on taxes due.
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