On November 1st, the IRSreleaseda number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significantincreases. The table below provides an overview of the key adjustments for quali...
Internal Revenue Service (IRS) determination letter program that will be used for tax-qualified retirement plans. It looks into the five-year system used in assigning each individually designed retirement plan based upon the last digit of the sponsor's employer identification number (EIN). It ...
Certain types of retirement plans, such as Internal Revenue Code section 401(k) plans and other defined contribution plans, often utilize the specialized services of TPAs or consultants who may: Process enrollments, contributions, distributions and loans to participant account records as authorized by...
Non-qualified retirement plans fail to meet IRS guidelines for qualified retirement accounts. These plans accept only non-deductible contributions. Money is taxable to the employee when it is received. All money that grows inside the plan is tax-free, however. An example of this type of plan ...
Qualified retirement plans are employer-sponsored plans that meet the IRS requirements to qualify for tax-free contributions. Learn the requirements and how they work.
Qualified retirement plans, regardless of whether they are top-heavy, must meet the qualification requirements inIRC §416that will apply automatically in those years when the plans are top-heavy. However, the top-heavy rules do not apply to SIMPLE 401(k) plans or safe harbor 401(k) plans....
Learn about non-qualified retirement plans and their different types. Find out about the differences between qualified and non-qualified retirement...
The Pension Design Group's compliance testing ensures that the retirement plans we administer meet all ERISA, IRS and DOL regulations. When PDG administers your plan, we work to ensure there are no potential issues to prevent costly penalties and safeguard your plan's tax-advantaged status. PDG...
Qualified retirement plans are also subject to the rules of the Employee Retirement Income Security Act of 1974 (ERISA), which is administered by the U.S. Department of Labor. One of its chief requirements is that plan sponsors (employers) and administrators act asfiduciaries, meaning that they...
Qualified retirement plans, such as a 401(k) and 403(b) plan, are great ways to save for retirement if you have access to them. They allow for large amounts to be saved every year, provide tax benefits, and most often have a matching component from the employer. If you're looking t...