The IRS has released the 2024 Plan Limits. Below are a few highlights of the changes. See https://www.irs.gov/pub/irs-drop/n-23-75.pdf for the full release.

SECURE Act 2.0, a bipartisan bill designed to update retirement plan statutes, was signed into law on December 29, 2022.  Like the SECURE Act from 2019, the intent is to modernize retirement plans and further encourage saving for retirement.  SECURE Act 2.0 includes sections that are effective in[…]

The IRS has released the 2023 Plan Limits. Below are a few highlights of the changes. See https://www.irs.gov/pub/irs-drop/n-22-55.pdf for the full release. The annual benefit limit under a defined benefit plan under § 415(b)(1)(A) is increased from $245,000 to $265,000. The limitation for defined contribution plans under §[…]

The IRS has released the 2022 Plan Limits. Below are a few highlights of the changes. See https://www.irs.gov/pub/irs-drop/n-21-61.pdf for the full release. The annual benefit limit under a defined benefit plan under § 415(b)(1)(A) is increased from $230,000 to $245,000. The limitation for defined contribution plans under § 415(c)(1)(A) is[…]

The IRS has released the 2020 Plan Limits. Below are a few highlights of the changes. Visit https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500 for the full release. The annual benefit limit under a defined benefit plan under § 415(b)(1)(A) is increased from $225,000 to $230,000. The limitation for defined contribution plans under §[…]

Some Tax Reform Highlights: • New personal income tax rates • An increase in the standard deduction to $12,000 for single filers and $24,000 for those who are married and file jointly • The elimination of some personal deductions and credits • The capping of the deductions for[…]

On October 19, 2017, the IRS announced cost of living adjustments affecting dollar limitations for retirement plans for the 2018 tax year. Note some of these limits are affected by the Consumer Price Index (CPI) and did not meet the thresholds for being increased. Below is a quick[…]

On October 27, 2016, the IRS announced cost of living adjustments affecting dollar limitations for retirement plans for the 2017 tax year.  Note some of these limits are affected by the Consumer Price Index (CPI) and did not meet the thresholds for being increased.  Below is a quick summary[…]

IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015 IR-2014-99, Oct. 23, 2014 WASHINGTON — The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of[...]

Attracting and retaining the right people are the primary factors that allow banks to increase the value of their human capital. Regulatory issues can arise, costs of funds may increase, loan demand fluctuates, competitive pressures ebb and flow, but every single year attracting and retaining the human capital[...]