Changes in IRAs and 401(k)s effective in 2025
Kevin J. Bonnett, CPA Vice President & Director of Employee Benefit Services The “SECURE 2.0” Act enacted in 2022 continues to introduce significant changes each year to the rules around retirement plan savings, and 2025 is no different. SECURE 2.0 (so-called...Cost-of-living increases push 401(k) limit to $23,000 for 2024, and IRA limit to $7,000
Retirement savers will be able to sock away a little extra next year, as the IRS has announced that the amount individuals can contribute to their workplace retirement plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS also issued technical...‘SECURE 2.0’ Impact on Retirement Plan Sponsors
Frank T. Ardito, CPA Vice President & Director of Employee Benefit Services Significant changes to workplace retirement plans were enacted in the waning days of 2022 as the SECURE Act of 2022 – also known as “SECURE 2.0” – was signed into law. The SECURE 2.0...Q & A with Greg Lewis: Retirement plan sponsors should be ‘participant centric’
Greg Lewis works with retirement plan sponsors putting strategies in place to boost plan participation rates, educate employees about saving for retirement, and ensure best practices are followed to maintain healthy, compliant plans. As the owner of Pinnacle Pension...Partial termination of a retirement plan: How to recognize it and head it off
A retirement plan is partially terminated when a company’s workforce is downsized by a certain percentage due to decisions made by the company’s management. This could carry significant economic impacts.