There have been a number of court cases in recent years concerning the payment of death benefits from qualified 401(k) plans. Often the circumstances leading to these cases could have been avoided if Plan Sponsors were a bit more diligent in procuring and maintaining current Participant Beneficiary Designation Forms. This is an area where sponsors are often too lax considering… Read More
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MarylandSaves Developments
Earlier this year we reached out to let you know about MarylandSaves, Maryland’s new state-sponsored retirement program. This program requires Maryland employers that don’t already sponsor retirement plans to give their employees the opportunity to make Roth contributions from payroll through the MarylandSaves platform. The 2016 legislation specified that it would apply to all employers that have been in operation for two… Read More
401(k) and IRA limits are increased for 2023
On October 21st, the IRS announced updated 401(k) and IRA contribution limits for 2023. Qualified Retirement Plan Contribution Limits: The maximum amount someone can contribute from their own compensation to a qualified retirement plan during the year, through 401(k) or 403(b) pre-tax and/or Roth after-tax contributions combined, has increased from $20,500 in 2022 to $22,500 in 2023. In 2022, participants age 50 and over could contribute… Read More
MarylandSaves: What You Need to Know About the State’s New Retirement Savings Program
MarylandSaves is a new state-sponsored retirement program targeting employees who work for private-sector employers that do not currently offer a retirement plan. The state program allows employees to save for retirement through a Roth IRA called a “WorkLife Account.” In order to qualify for a MarylandSaves program, employers in Maryland need only have been in operation for two or more… Read More