IRS

2023 IRS Plan Contribution Limits
Team SummitBudgeting & Debt, Employee Financial Resource Center, Employer Resource Center, Financial Planning, Plan Operations & AdminComments are off for this post
Highlights of Changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has increased to $22,500. The catch-up contribution limit for employees aged 50 and over (and turning age 50 in 2023) who participate in these plans has also increased, from $6,500  Read More →
IRS/DOL Audits Are Increasing Dramatically: Are You Ready?
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
It’s no secret that the Internal Revenue Service (IRS) and Department of Labor (DOL) have recently been ramping up retirement plan audits. While an audit may initially seem overwhelming, if you are properly prepared, it can be a relatively quick and painless process. If/when you are notified of an audit, early preparation can help streamline  Read More →
Ten Things to Know About Your 401(k) Plan
Team SummitEmployee Financial Resource Center, Retirement PlanningComments are off for this post
You know that saving for retirement is critical and that the most commonly-used place to save for retirement is within your workplace retirement plan. However, there are often many general questions employees have surrounding their 401(k) that go unanswered. Read on for ten basics you should know about your organization’s 401(k) plan. 1. What is  Read More →

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