401(k) Plan Limits Defined Contribution Plans 2023 2022 Change Maximum employee elective deferral (age 49 or younger) 1 $22,500 $20,500 +$2,000 Employee catch-up contribution (age 50 or older by year-end) 2 $7,500 $6,500 +$1,000 Maximum employee... Read more »
?Employee 401(k) contributions for 2023 will top off at $22,500—a $2,000 increase from the $20,500 cap for 2022—the IRS announced on Oct. 21. Plan participants age 50 or older next year can... Read more »
?The Seventh Circuit recently provided a ray of sunshine in what has largely been a gloomy stretch for plan sponsors and fiduciaries defending ERISA breach of fiduciary duty claims, based on allegedly... Read more »
The IRS is giving retirement plan sponsors three more years to make plan amendments under the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic... Read more »
Every six years, all preapproved defined contribution retirement plans (such as 401(k) plans) must be restated in new plan documents that have fresh approval from the Internal Revenue Service. The deadline to... Read more »
A number of recent lawsuits brought under the Employee Retirement Income Security Act (ERISA) have addressed the issue of which retirement plan participants have “standing” to bring an ERISA action against their plan’s... Read more »
The battle over crypto 401(k)s reached a fever pitch as 401(k) provider ForUsAll Inc. filed a lawsuit against the U.S. Department of Labor (DOL) in a Washington, D.C. federal court on June... Read more »
Surging inflation in 2022 has many older employees worried if they’ve saved enough and if the buying power of their savings will continue to fall in relation to rising prices. It’s also... Read more »
At tax time, employers have an opportunity to let low- and moderate-income workers know about a special tax credit that can help them save for retirement through their employer-sponsored plan. Read more »
