Sep 1, 2023 | In The News, Individuals, Plan Administration, Retirement Plan News, Retirement Plans
The Internal Revenue Service (IRS) released guidance last Friday addressing Section 603 of the SECURE 2.0 Act which deals with Roth catch-up contributions. Section 603 mandates that catch-up contributions must be Roth for those earning more than $145,000. The IRS’...
Sep 1, 2023 | Plan Administration, Retirement Plan News, Retirement Plans
To most, the SECURE Act 2.0 appeared to predominantly outline optional changes that go into effect over the span of 10 years. However, there are a few mandatory changes taking effect in 2024 that plan sponsors will need to comply with. These provisions require...
Jul 31, 2023 | In The News, Individuals, Retirement Plan News, Retirement Plans
Public Response to Economic Threat Fuels SEC Proposal The outbreak of COVID-19 in 2020 instilled a sense of financial fear in market participants. How are humans inherently hardwired to respond to threat? Panic. The threat of economic crisis in 2020 fueled the act of...
Jan 27, 2023 | Plan Administration, Retirement Plan News, Retirement Plans
On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023. That spending package included the 358-page Setting Every Community Up for Retirement Enhancement Act, also known as SECURE 2.0, which builds on the first SECURE Act...
Jan 10, 2023 | Retirement Plan News, Retirement Plans
In September, the U.S. Department of Labor (DOL) released an Interpretive Bulletin that updates guidance on audits of benefit plans under the Employee Retirement Income Security Act. The updated guidelines are intended to help determine when a qualified public...
Dec 13, 2022 | Plan Administration, Retirement Plan News, Retirement Plans
Four Things to Know About Plan Limit Hikes In October, the Internal Revenue Service significantly raised the contribution limits for 401(k)s and other plans effective in 2023. As plan sponsors begin to think about how to communicate these changes to employees,...
