IRS Releases 2024 Retirement Plan Limitations
Cost-of-living adjustments to retirement plan limits for 2024 have been issued by the IRS in Notice 2023-75.
IRS Delays Roth Catch-Up Contribution Rule
The IRS has delayed the new Roth catch-up contribution rule for high earners until 2026. This change provides a strategic window for retirement planning, especially as fewer than 20 percent of eligible employees still don’t utilize catch-up contributions.
Navigating the Compliance Maze: A Government Contractor’s Guide to 401(k) Nondiscrimination Testing
As a government contractor, it is vital to possess a comprehensive understanding of the regulations governing 401(k) plans and the intricacies of nondiscrimination testing. While these retirement savings plans are commonly offered by employers, it is imperative to meet specific requirements to maintain their tax-deferred status.
5 Signs Your Compensation and Benefits Packages Need an Overhaul
Understanding the tax implications of your compensation and benefits plans is essential if you want to avoid tax liabilities and offer packages that attract the right talent.
IRS Releases Guidance on Roth Catch-up Contributions under SECURE 2.0
Notice 2023-62 provides an administrative transition period for Roth catch-up contributions to high-income individuals.
RetirePath for Virginia Construction Contractors: Benefits and Considerations
Whether through RetirePath, a new state-sponsored and mandated retirement plan, or offering another employer-sponsored plan, the question now for Virginia contractors isn’t whether to offer a retirement plan, but which one.
Pension Benefits: Which Option is Best for Retirement?
After you retire, your pension plan typically offers you at least two alternatives: a consistent income stream or a one-time lump-sum payment. Which alternative suits your circumstances the best?
Virginia Businesses Employing More Than 25 Employees Now Have Three Options
On July 1, 2023, more than 8,000 Virginia employers will receive a notice about RetirePath, a state-sponsored retirement program. Employers will need to register by February 2024, offer their own plan, or pay a per-employee fine.
Retirement plan changes for long-term, part-time employees
SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans.
Retirement Tax Planning for Medicare Premiums
High-income retirees pay more in monthly Medicare premiums, but with careful planning – and an appeal when necessary – the premiums can potentially be reduced.