2025 Limits for Retirement Plan Contributions
The IRS released Notice 2024-80 on November 1, 2024 announcing the new contribution and benefit limits for 2025.
SECURE 2.0 Act – Increased Involuntary Cash-Out Limit to $7,000
Learn about the SECURE 2.0 involuntary cash out limit increase. Effective for distributions after December 31, 2023, SECURE 2.0 allows the plan sponsor to increase the cash-out limit to $7,000 from the previous limit of $5,000.
SECURE 2.0 Act – Mandatory Automatic Enrollment
Learn more about what is needed for retirement plans. For plan years beginning on or after January 1, 2025, SECURE 2.0 requires certain plan sponsors of a 401(k) plan or 403(b) plan to adopt automatic enrollment provisions.
SECURE 2.0 Act – Employer Matches of Qualified Student Loan Payments (QSLPs)
Section 110 of the SECURE 2.0 Act allows plan sponsors to treat student loan payments as elective deferrals to match contributions effective for plan years beginning after December 31, 2023. Plan sponsors considering allowing employer match contributions of qualified student loan payments (QSLPs) might have postponed their decision until further guidance was provided. On August 19, 2024, the IRS issued interim guidance that will assist plan sponsors in determining whether to adopt the provisions.
SECURE 2.0 Act Simplified Hardship Distributions
Learn about the Securing a Strong Retirement Act of 2022 (SECURE 2.0), which allows plan sponsors of 401(k), 403(b), and Governmental 457(b) plans to accept employee self-certification as proof that necessary conditions for a hardship withdrawal have been met.
Meeting the DOL’s Requirements for Timely Deposits of Employee Deferrals
Understand the importance of meeting the Department of Labor's requirement for timely deposits of employee deferrals.
SECURE 2.0 Act – New Retirement Plan Distribution Options
Discover how SECURE 2.0 Act provides more flexibility for retirement plan participants.
Choosing an Auditor for Your Employee Benefit Plan (EBP)
Learn about the IQPA audit report requirement for large employee benefit plan and what determines if the plan is large or small.
Failed ADP/ACP Test Deadline for 401(k) Corrective Distributions
Learn about the corrective distribution deadline associated with failed ADP/ACP testing related to requirements for traditional 401(k) plans that haven't adopted safe harbor provisions.
RetirePath Virginia Registration Deadline is February 15, 2024
RetirePath Virginia, an automatic-enrollment, state-facilitated individual retirement account savings program, has a deadline to register of February 15, 2024 for eligible businesses. Businesses that fail to respond may face an annual penalty of up to $200 per eligible employee.