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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[…]
Read MoreThe 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.
Read MoreThe 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 §[…]
Read MoreThe 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[…]
Read MoreThe 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 §[…]
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