Is ChatGPT sufficiently reliable to provide advice on employee benefits matters? Not yet, but ChatGPT and generative Artificial Intelligence may likely be useful tools for employee benefits attorneys in the future....more
On December 20, 2023, the IRS issued Notice 2024-2, which provides question-and-answer guidance on various aspects of the SECURE 2.0 Act. This post focuses on the ability to make employer contributions (match or nonelective)...more
Congress included “SECURE 2.0 of 2022” in the Consolidated Appropriations Act, 2023, the $1.7-trillion omnibus spending bill, which was signed by President Biden on December 29, 2022 (the date of enactment). Secure 2.0 is a...more
The IRS recently announced the 2022 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans. Generally, the IRS increased the applicable limits for 2022, although certain limits...more
The IRS recently announced the 2020 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans.
Retirement Plan Limits -
The following limits apply to...more
Retirement Plans -
The following limits apply to retirement plans in 2019:
- The limit on elective deferrals under 401(k) and 403(b) plans increased to $19,000 for 2019....more
The Social Security Administration, in a press release issued November 27, 2017, revised the Social Security wage base for 2018 that it had previously announced in October, changing it from $128,700 to $128,400. ...more
The IRS recently announced the 2018 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans....more
The IRS recently announced the 2017 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans.
Retirement Plan Limits -
The following limits apply to...more
By now, you may have heard that the Department of Labor (DOL) has expanded fiduciary status for certain investment advisers to retirement plans or IRAs. Some of your providers are already fiduciaries, but some will now be...more
After years of debate and speculation, the U.S. Department of Labor (DOL) issued its final package of rules to regulate individuals and entities that provide investment advice to retirement plans and IRA investors. The DOL’s...more
The insurance industry’s short-term strategy to oppose the Department of Labor’s proposed investment advisor fiduciary duty rule centered on a defunding initiative as part of the year-end appropriations process. That...more
The IRS recently announced the 2016 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans. Most retirement plan limits have not changed because increases in the...more
The U.S. Department of Labor (DOL) has proposed a new “Best Interest Contract” prohibited transaction exemption, which is a standards-based exemption that applies to the receipt of compensation by advisers and their financial...more
The U.S. Department of Labor (DOL) recently released long-awaited, re-proposed regulations that would broaden the “fiduciary” definition under the Employment Retirement Income Security Act (ERISA) and the Internal Revenue...more
Retirement Plan Limits
- The following limits apply to retirement plans in 2015:
- The limit on elective deferrals under 401(k) and 403(b) plans has increased to $18,000 in 2015.
- The annual limit on...more