Profit-sharing plans (PSPs) have been around for decades. Employers may use them to attract and retain workers and incentivize employee productivity. However, PSPs have gradually faded into the background as 401(k) plans gained popularity. In today’s tight labor market, some… Read more »
Read Full Newsletter »After months of negotiations, Congress finally passed the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). This part of the omnibus funding package builds on the SECURE Act of 2019 and contains major changes in the required… Read more »
Read Full Newsletter »401(k), 403(b), 457(b), 5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law, 50 or older, early withdrawals, Emergency Expenses, Emergency Savings Accounts, Failure to comply with RMD, Increased Starting Age for RMDs, individual retirement annuities, IRS penalties, Larger Catch-Up Contributions, Major Tax Changes, Major Tax-Favored Retirement Plan Changes for Individuals under New Law, minimum distribution (RMD), Penalty-Free Withdrawals, Penalty-Free Withdrawals for Designated Emergency Expenses, profit-sharing plans, Reduced Penalty for Failure to Take RMDs, Retirement Plan Emergency Savings Accounts, RMDs, Salary reduction catch-up contributions, SECURE 2.0, Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), SIMPLE plans, Starting Age for RMDs, Starting in 2025, Tax Year 2023, tax-deferred retirement accounts, Traditional IRA