As a government contractor, it is vital to possess a comprehensive understanding of the regulations governing 401(k) plans and the intricacies of nondiscrimination testing. While these retirement savings plans are commonly offered by employers, it is imperative to meet specific requirements to maintain their tax-deferred status.
Cost-of-living adjustments to retirement plan limits for 2024 have been issued by the IRS in Notice 2023-75.
Understanding the tax implications of your compensation and benefits plans is essential if you want to avoid tax liabilities and offer packages that attract the right talent.
Notice 2023-62 provides an administrative transition period for Roth catch-up contributions to high-income individuals.
Whether through RetirePath, a new state-sponsored and mandated retirement plan, or offering another employer-sponsored plan, the question now for Virginia contractors isn’t whether to offer a retirement plan, but which one.
After you retire, your pension plan typically offers you at least two alternatives: a consistent income stream or a one-time lump-sum payment. Which alternative suits your circumstances the best?
On July 1, 2023, more than 8,000 Virginia employers will receive a notice about RetirePath, a state-sponsored retirement program. Employers will need to register by February 2024, offer their own plan, or pay a per-employee fine.
High-income retirees pay more in monthly Medicare premiums, but with careful planning – and an appeal when necessary – the premiums can potentially be reduced.
If you're like many who are saving for retirement, the value of your retirement accounts has dropped considerably during 2022. It may be time to consider converting to a Roth IRA.
Although not a permanent solution, ARPA includes important relief for eligible multiemployer pension plans and provides plan sponsors with an opportunity to return to a state of solvency that may not have been possible otherwise.
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