Internal Revenue Service (IRS) announced an administrative transition period that delays the requirement for participants to “Rothify” their catch-up contributions until at least 2026.
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.
With 2023 rapidly approaching, it’s important to keep up with year-end IRS requirements and make the necessary communications around RMD rules for employees.
Most know that making eligible contributions to your IRA or employer-sponsored retirement plan may be tax deductible, but did you know that you may also be eligible for a tax credit?
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.
My Benefits is continuing to monitor news around Hurricane Ian and report retirement plan relief efforts as they’re announced.
It is our commitment to keep you informed and up to date on specific relief provisions declared by the IRS
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