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Employee Benefits

IRS Announces Retirement Plan Limitations for 2024

On November 1, 2023, the Internal Revenue Service issued Notice 2023-75 announcing the cost-of-living adjustment (“COLA”) applicable to pension and retirement plan dollar limitations for the 2024 calendar year.  Most of the dollar limits applicable to contribution and benefit limits, including the…

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IRS Issues Notice Regarding ESOP Compliance

On August 9, 2023, the Internal Revenue Service (the “IRS”) issued a cautionary statement to business owners, plan sponsors, individual taxpayers, advisors, and attorneys concerning a range of compliance issues associated with employee stock ownership plans (“ESOPs”).  The IRS emphasizes the need to…

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2024 HSA Limits Released

On May 16, 2023, the IRS released Revenue Procedure 2023-23. This new Revenue Procedure included the 2024 Health Savings Account (HSA) contribution limits and the 2024 minimum statutory deductibles and maximum out-of-pocket contributions for High Deductible Health Plans (HDHPs).

For 2024, the annual…

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IRS Announces Extension for SECURE & CARES Act Amendments

On August 3, 2022, the Internal Revenue Service (the “IRS”) released Notice 2022-33, extending the deadlines for retirement plans to be amended for the Setting Every Community Up for Retirement Enhancement Act (“SECURE”) and the Coronavirus, Aid, Relief, and Economic Security Act (“CARES”).1  The…

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