Thanks to new regulations, for reporting purposes, the inclusion of eligible but non-participating employees will no longer be the methodology used when determining the number of participants– only participants and beneficiaries with account balances will be considered.
By 2025, most startup retirement plans will be required to automatically enroll new employees into their plan, unless they opt out, at an initial 3% employee deferral rate with auto escalation. – Sound familiar?
Since employers contribute for slightly different reasons, those contribution due dates may vary depending on plan design. In other words, one set of rules may specify a deadline for compliance purposes, while another set of rules requires a different deadline for tax deduction purposes.
The House and Senate have passed the Consolidated Appropriations Act of 2023, which includes a grouping of retirement plan provisions better known as, “SECURE 2.0”.
On December 23, 2022, the bill was presented and signed into law by President Biden.
When asked why he robbed banks, a well renowned bank robber by the name of Willie Sutton answered, “because that’s where the money is.” Today, instead of robbing physical banks, thieves have sharpened their skills and honed in to “where the money is” – your retirement plan.
The IRS has published the 2023 contribution limits reflecting cost-of-living adjustments from the past year.
Read below for a brief overview highlighting some of the key increases in limitations.
Finding and retaining talent remains one of the top challenges for employers. A survey by Goldman Sachs consisting of 1,100 businesses revealed 90% are struggling to hire and engage qualified candidates.
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