The new Mississippi Work and Save Program creates a voluntary, state-run retirement savings option for private-sector employees whose employers don’t offer one. Under the law, the State Treasurer must have the program operational so individuals can begin contributing no later than Aug. 1, 2028. What Mississippi Employers Need to Know Employers that participate will process […]
The IRS recently announced changes to retirement plan numbers for next year, putting your year-end prep in high gear. The 401(k) plan salary deferral limit will bump up to $24,500 (currently $23,500). How about the salary deferral limit for 403(b) plans and most 457 retirement plans? They’ll also see that increase to $24,500. Meanwhile, employees […]
Ever since the Secure 2.0 Act laid out changes for workplace retirement plans, employers have been waiting for final regs from the IRS. Now, the regs are here. The 2022 law established new requirements, impacting 401(k), 403(b) and 457(b) plans that allow participants who are age 50 or older to make catch-up contributions. Specifically, the […]
The IRS has explained how to handle taxes if a retirement plan participant doesn’t cash a distribution check and another check is issued. When a company’s retirement plan administrator issues a distribution check to a participant, federal income tax must be withheld and remitted to the Treasury Department. Plus, the retirement plan information must be […]
The Department of Labor (DOL) is once again taking a neutral stance on offering a certain investment option to retirement plan participants: crypto. During the Biden administration, the DOL issued Compliance Assistance Release 2022-01, warning 401(k) plan fiduciaries against cryptocurrencies. Plan fiduciaries should use “extreme care” before adding a cryptocurrency option to a 401(k) plan’s […]
What should you do if you mistakenly pay out too much for one of your employer-provided benefits, such as your retirement plan? Plan sponsors have had some uncertainty about that ever since 2022. That’s when Congress passed the Secure 2.0 Act, and the law added two new sections to the Internal Revenue Code (IRC). They […]
The DOL has begun to roll out its Retirement Savings Lost and Found. It’ll be populated with information from plan sponsors and administrators. The Secure 2.0 Act required the DOL to get the database up and running by the end of 2024. The agency plans to go live by then. In fact, it started collecting […]
