For employers who wish to offer employees earning more than $145,000 a catch-up contribution option, they must first contact their plan recordkeeper to request the changes, which can sometimes take months to be implemented.
When an employee fails to satisfy their obligations and elects to "undo" a bonus by taking a 401(k) deferral, it gets complicated when any funds deposited into the company 401(k) plan are now considered plan assets.
In a new memo, the labor department provides clarity on differentiating short breaks (less than 20 minutes) from longer meal breaks, as well as FMLA leave eligibility.
Employers with remote workers in various states will have to consider the laws of each state where they have an employee.
DebugScreen: mobile
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"uri": "/2023/05/16/secure-2-0-big-changes-to-401k-catch-up-contributions-in-2024/",
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"summary": "In a new memo, the labor department provides clarity on differentiating short breaks (less than 20 minutes) from longer meal breaks, as well as FMLA leave eligibility.",
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{
"uri": "/2022/11/29/remote-workers-workers-comp-coverage-gaps-412-139733/",
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