6 Ways Implementing a 401(k) Retirement Plan Benefits Your Small Business
6 Ways Implementing a 401(k) Retirement Plan Benefits Your Small Business Implementing A 401(k) Retirement Plan for Small Business Over the last 30+ years helping businesses choose benefit plans, there is one question we get asked the most: “Why should I go through the complexities of setting up a 401(k) retirement plan for my business, […]
Secure Act 2.0 – What Should Employers Know?
Secure Act 2.0 – What Should Employers Know? Question: What should we know about the new “Secure Act 2.0” and how will it impact our retirement plan? Answer: On Dec. 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, an omnibus bill that includes the “SECURE Act 2.0.” The SECURE Act 2.0 is intended to […]
IRS Announces 2023 Retirement Plan Limits
IRS Announces 2023 Retirement Plan Limits The Internal Revenue Service (IRS) has released Notice 2022-55, containing cost-of-living adjustments for 2023 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 2023 Increases The employee contribution limit for 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. Other key limit […]
IRS 401(k) Limits for 2022
IRS 401(k) Limits for 2022 New IRS 401(k) Limits for 2022* The elective deferral limit for 401(k), 403(b) and 457(b) plans increases to $20,500 in 2022 ($19,500 in 2021). The limitation on catch up contributions for employees age 50 and over is $6,500 in 2022. *Source: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits
IRS 401(k) Limits for 2019*
New IRS 401(k) Limits for 2019* The elective deferral limit for 401(k), 403(b) and 457(b) plans increases to $19,000 in 2019 ($18,500 in 2018). The limitation on catch up contributions for employees age 50 and over remains at $6,000 in 2019. The maximum “annual addition” limit for a defined contribution plan increases to $56,000 in 2019 ($55,000 in 2018). The annual […]
