Money Talk
JUNE 13, 2024
In a recent article for the Rutgers Cooperative Extension newsletter, VISIONS , I described key features of your tax return to review for future financial planning including income sources, tax write-offs, changes in tax filing status, tax rates and marginal tax brackets, tax withholding, retirement plan contributions, and capital gains and losses.
PayrollOrg
AUGUST 28, 2023
The IRS has announced an administrative transition period to extend until 2026 the new requirement that additional elective deferrals made by higher-income participants in retirement plans be designated as after-tax Roth contributions.
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Proskauer's Employee Benefits & Executive Compensa
DECEMBER 15, 2023
Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). Starter 401(k) Plans. Recouping Overpayments.
Insperity
OCTOBER 10, 2023
To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. All company retirement plans started in 2023 and thereafter must have an automatic enrollment and escalation provision – also known as “ you’re in unless you’re out.” The SECURE 2.0
McDermott Will & Emery Employee Benefits
AUGUST 28, 2023
Act until at least 2026. Specifically, the announcement provides that, until 2026, catch-up contributions will satisfy the requirements under SECURE […] The post There’s a Party Going on Right Here! Roth Catch-Up Change Delayed Two Extra Years!
Snell & Wilmer Benefits
AUGUST 28, 2023
On August 25, 2023, the IRS issued Notice 2023-62 , which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. More specifically, SECURE 2.0
Proskauer's Employee Benefits & Executive Compensa
JANUARY 16, 2024
Employers must report matching and nonelective Roth contributions as if such contributions were directly rolled over to a designated Roth account in a Roth in-plan conversion. Distributions to Terminally Ill Individuals Early distributions from retirement plans are subject to a 10% additional tax, unless they qualify for an exception.
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