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Topic: 403(b) 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 Expands Determination Letter Program to Include Individually-Designed 403(b) Plans

by Laura L. Ferguson | Nov 15, 2022 | ,

In Revenue Procedure 2022-40, the IRS recently expanded the determination letter program to allow applications by individually-designed 403(b) plans. This expansion will allow 403(b) plan sponsors to request a determination letter that expresses the IRS’ opinion that the plan’s terms (as stated in the plan document) meet the requirements under Section 403(b) of the Internal Revenue Code and other qualification requirements.

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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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Time to Restate Your 403B Plan

by Lori Basilico | Nov 21, 2019 | , ,

The Internal Revenue Service set March 31, 2020 as the last date of the remedial amendment period for tax-exempt organizations and public school systems to self-correct plan document defects in their Section 403(b) plans.  The “remedial amendment period”, or “RAP” is a period during which a 403(b) plan can be amended to comply with the technical requirements of Section 403(b) of the Internal Revenue Code and related IRS regulations. 

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