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Topic: 401(k) Plans

IRS Announces 2025 Retirement Plan Limits: Modest Increases

by Lori Basilico | Nov 4, 2024 | , , ,

The Internal Revenue Service announced the 2025 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2025. Most of the dollar limits, including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans, the annual compensation limit under 401(a)(17) and the maximum annual contribution limit under Code Section 415(c) will increase from 2024 limits. The dollar limit for catch-up contributions (if age 50 or older) remains the same as the 2024 limit and the IRS announced the catch-up contributions for participants who attain age 60, 61, 62 or 63 in 2025.

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IRS Issues COVID-19 Relief on Mid-Year Changes to Safe Harbor 401(K) Plans

by Lori Basilico | Jul 13, 2020 | , ,

The Internal Revenue Service (IRS) issued helpful guidance to plan sponsors of safe harbor 401(k) plans that are considering reducing or suspending safe harbor employer matching contributions or safe harbor nonelective contributions as a result of the COVID-19 pandemic.  As explained below, IRS Notice 2020-52 provides temporary relief from certain requirements that would otherwise apply for making mid-year amendments to safe harbor 401(k) plans.

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DOL Information Letter Allows Private Equity Investments in Defined Contribution Plans

by Lori Basilico | Jun 11, 2020 |

On June 3, 2020, through the issuance of an information letter (the “Letter”), the Department of ‎Labor (the “DoL”) effectively expanded the realm of investment alternatives for 401(k) plans ‎and other defined contribution plans to include private equity. The guidance is clearly a boon to ‎the private equity industry, which can now count 401(k) plan participants as a significant new ‎class of investors.‎

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Legislation Proposed to Allow Employers to Make Matching Contributions on Student Loan Repayments

by Lori Basilico | Feb 12, 2020 | ,

Two bills have been introduced in the Senate that would allow employers to make matching ‎contributions under 401(k), 403(b), governmental 457(b) and SIMPLE plans as if the ‎participant’s student loan payments were salary reduction contributions. On May 13, Senator ‎Ron Wyden (R-OR) reintroduced the Retirement Parity for Student Loans Act (Student Loan ‎Act) and Senators Ben Cardin (D-MD) and Rob Portman (R-OH) reintroduced the Retirement ‎Security & Savings Act.

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