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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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