Newsletter

Cost of Living Adjustments 2023

Fall 2023 – Benefit Insights Newsletter

Cost of Living Adjustments for 2024 Save More for Retirement in 2024 On November 1, 2023, the IRS announced the Cost of Living Adjustments (COLAs) affecting the dollar limitations for retirement plans for 2024. In October, the Social Security Administration announced a modest benefit increase of 3.2%. Retirement plan limits also increased over the 2023 […]

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Bonds

Summer 2023 – Benefit Insights Newsletter

Bonds: Is your plan covered? The Employee Retirement Income Security Act (ERISA) requires coverage to protect the plan from losses due to fraud and dishonesty. There are three main types of bond coverage for retirement plans: fidelity bonds, fiduciary liability insurance, and cyber liability insurance. Not all three coverages are required, but understanding what is

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Winter 2023 – Benefit Insights Newsletter

SECURE 2.0 is a GO! In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act increased the Required Minimum Distribution (RMD) age for retirement plan participants from age 70 1/2 to 72. Additionally, it introduced opportunities for Long Term Part Time (LTPT) employees to make deferral contributions to retirement plans in situations where

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Spring 2022 – Benefit Insights Newsletter

Timing of Deposits 401(k)/403(b) Deferrals and Loan Repayments One of the questions asked by your TPA during the annual census collection may be whether your participant contributions and loan payments were transmitted within the Department of Labor (DOL) safe harbor time frame. It’s an important question because both the DOL and the Internal Revenue Service

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401k Plan Sponsor

Winter 2022 – Benefit Insights Newsletter

2022 – An Ideal Time to Review Plan Design Each year, those in the retirement community collect, analyze and calculate data to ensure plan compliance with the laws that govern qualified retirement plans. The calendar of deadlines repeats each year, challenging plan sponsors and service providers to focus on the current plan compliance along with the

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