401(k) Payroll Profit Sharing Plan 
HR Lineup
MARCH 13, 2022
The IRS, under tax code section 401a, guides what’s qualified to be a qualified plan. Nonetheless, some common examples include: 401(k). 403(b) plans. SOP – Employee stock ownership plans. SIMPLE – Savings Incentive Match Plan for Employees. Target benefit plans. Profit-sharing plans.
PeopleStrategy
DECEMBER 12, 2023
The IRS has made a number of cost-of-living adjustments for 2023, including increasing the amount employees can contribute to their 401(k)s to $23,000 (up $500 from 2023). Participants in these plans who are 50 or older can contribute up to $30,500, starting in 2024.
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