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Tag: employee benefit plan

Retirement Plan Limits Announced for 2022

The Internal Revenue Service (“IRS”) announced the retirement plan contribution limits, adjusted for cost-of-living adjustments, for 2022.  These adjustments can be found in greater detail in IRS Notice 2021-61 at https://www.irs.gov/pub/irs-drop/n-21-61.pdf.  Following is a chart summarizing some of these adjustments: 401k Plan Limits20222021 401k Elective Deferrals2050019500 Annual Defined Contribution Limit6100058000 Annual Compensation Limit305000290000 Catch-Up...

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Coronavirus Retirement Plan Review

By Craig Erickson With the continual uncertainty we are facing each day, it is important to keep in mind that changes in legislation may impact your current design of your employee benefit plan.  Following are some topics Plan sponsors and fiduciaries of employee benefit plans may overlook. 401(k) and Profit-Sharing Plans: Employer Contributions – Plan sponsors and fiduciaries may want to consider reducing or halting employer contributions.  For non-safe harbor plans (match or non-elective...

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