High-income earners who max out their 401(k) with pre-tax dollars each year may have additional opportunities to supersize their retirement savings with after-tax contributions that can be withdrawn tax-free in the future, depending on their employer’s plan documents. Annual Pre-Tax Contribution Limits to Employer-Sponsored 401(k) Plans Each year, the IRS sets the maximum amount that […]
FT. LAUDERDALE, FL – April 4, 2025 – Provenance Wealth Advisors today announced that their Corporate Retirement Plans Team has been named by the National Association of Plan Advisors (NAPA) as a 2025 Top DC Advisor Multi-Office Firm. The list is based on self-reported defined contribution (DC) assets under advisement (AUA) as of Dec. 31, […]
Starting a small business can be an exciting venture for anyone seeking career and financial independence. However, the planning and processes required to achieve those goals can be daunting. Entrepreneurs must consider how they will make money today and save enough to ensure a successful retirement for themselves in the future. One option to consider […]
Employers sponsoring non-safe harbor 401(k) plans must perform annual ERISA- and IRS-mandated testing to ensure they do not disproportionately favor highly compensated employees (HCEs) over rank-and-file non-HCEs. It is critical businesses understand the formulas for these nondiscriminatory tests and the steps they must take to fix a failure or risk losing their plans’ tax benefits. […]
Beginning January 1, 2024, 401(k) and 403(b) retirement savings plans must meet a series of new requirements under the SECURE Act of 2019 and SECURE Act 2.0 of 2022 that essentially simplify plan rules for employers, expand coverage to more employees and help plan participants save more for their future. As a reminder, some of […]
Ongoing economic uncertainty, persistently high inflation and a tight labor market have made it increasingly difficult for employers to attract and retain top talent. However, according to the result of a recent survey, one of the best ways employers can differentiate themselves from the competition is to offer a retirement savings plan with an employer […]
The IRS is providing high-income taxpayers with two years of relief from a Secure Act 2.0 provision that would have required them to begin allocating catch-up contributions to their 401(k)s on a Roth basis beginning in 2024. Section 603 of the Secure Act 2.0 called for 401(k), 403(b) and 457(b) plan participants age 50 and […]
Earlier this year, the IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) issued final changes to the annual reporting requirements of employee benefit plan sponsors for their 2023 filings of IRS Forms 5500 and 5500-SF. The revisions were introduced as part of the Setting Every Community Up for Retirement Enhancement Act of […]
The beginning of a new year often comes with many changes. For 2023, some of the most significant transformations are occurring in the retirement industry, thanks to the recent passage of the SECURE Act 2.0. While some of the new law’s provisions will not take effect until future years, others will need to be addressed […]
The IRS recently issued guidance extending the deadline for retirement plans and individual retirement accounts (IRAs) to adopt amendments reflecting legislation passed into law in 2019 and 2020. The previous deadline for calendar year plans has been postponed from December 31, 2022, to December 31, 2025. The additional time is good news for sponsors and […]