While the official announcement will come in October, the IRS contribution limit for retirement accounts will likely be a modest $500 increase for 2024, according to a new Milliman report.
Since 63% of employees would be unable to cover a $500 emergency, employer-sponsored emergency savings accounts are now the number one benefit that employers need to offer, recommends a new study.
The new legislation is a win-win for workers and small businesses, offering access to expanded retirement plan benefits for employees and helping to level the playing field for small businesses competing to retain top talent.
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