Explore SECURE 2.0’s new age-based catch-up contribution limits for 401(k), 403(b), and 457(b) plans starting January 1, 2025.
Catching Up to the New Age-Based Catch-Up Contribution Limits
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457 Plans
457 plans cover retirement benefits for state and local government employees and some non-profit businesses. 457 plans are non-qualified, meaning they fall outside the guidelines, rules, and regulations of the Employee Retirement Income Security Act of 1974(ERISA). Plan administrators can choose to allow employees to contribute either pre-tax or after-tax dollars to their 457 plan, similar to a 401(k) plan. A 457 plan hasdifferent contribution limits and early withdrawal provisions than a 401k, and offers a unique “Double Limit Catch-Up” provision that allows almost-retired participants to make up for any eligible contribution years they missed. Wondering how a 457 plan might fit into your government retirement plan benefits package? Explore additional 457 plan details by reading our 457 plan articles on the Watkins Ross blog and connect with us here to get a customized look into how a 457 plan can impact your benefit structure.
2024 Plan Limits Released
The 2024 Cost-Of-Living Adjustments affecting employee benefit plans include the annual limits for Social Security Taxable Wage Base.
Required Minimum Distributions (RMDs)
Understand RMDs: Mandatory withdrawals from retirement accounts explained. Learn deadlines, calculations, exemptions.
2020 Plan Limits Released
The 2020 Cost-Of-Living Adjustments affecting employee benefit plans include the annual limits for Social Security Taxable Wage Base.
2019 IRS Operational Compliance List
The 2019 IRS Operational Compliance List has been posted! This guide helps plan sponsors understand the compliance changes effective in the upcoming year.
Initial Required Minimum Distributions (Defined Contribution Plans)
Are you meeting the initial required minimum distributions of your contribution plan? Learn more about what conditions need to be met with Watkins Ross!
Who Retains The Beneficiary Forms?
A beneficiary form determine who is entitled to the defined contribution retirement plan benefits upon the death of a participant. Is your form current?
Defined Contribution Compliance Calendar
A qualified retirement plan must meet various requirements throughout the year, check out our defined contribution compliance calendar today!
Year-End Required Minimum Distributions (Defined Contribution Plans)
Failure to take your required minimum distribution could result in tax penalties, such as a 50% excise tax on the amount that was not withdrawn.
Year-End Bonuses and Compensation (Defined Contribution Plans)
Your plan document will dictate if bonuses are excluded from the definition of compensation and special rules for the treatment of deferrals on bonuses.