Retirement Regulation

The IRS announced Wednesday it will increase 401(k) contribution limits to $23,000 (from $22,500 in 2023), a smaller increase than last year's record-breaking amount of $2,000, while limits for employees over 50 remains unchanged.

On Wednesday, the Federal Reserve left its benchmark interest rate unchanged – in the 5.25%-5.50% range – for the second meeting in a row.

The Labor Department proposed new rules on Tuesday that would ensure financial advisors make recommendations "in the saver's best interest" and not sell them lower-returning products in order to maximize their own fees.

Aside from the wealth of provisions offering everything from tax credits to reduced administrative burdens, the new law will be critical in building savings for part-timers, nonprofit workers and those saddled with student debt.

The stimulus checks landed automatically in beneficiaries' mailboxes or bank accounts in 2020 and 2021, but now, the SSA has been sending notices in an attempt to claw back $21.6 billion in "overpayments."

Litigation is on the rise around employer retirement plans, so an understanding of the most common mistakes made by others is a great way to avoid losses for both your employees and your organization.