IRS

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 →
When Does a Participant Loan Become a Deemed Distribution?
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
For plans that offer loans, there is oftentimes confusion around when a participant loan will default, and even more so around when that loan would be considered a distribution for tax-reporting purposes. A recent IRS Issue Snapshot affirms that a participant loan is a legally enforceable agreement and terms of the loan agreement must comply  Read More →
2022 Retirement Plan IRS Limits
Team SummitEmployee Financial Resource Center, Employee Outcomes, Employer Resource Center, Financial Planning, Plan Operations & Admin, Retirement PlanningComments are off for this post
With 2022 just around the corner, it’s important to keep in mind the newly-released IRS retirement contribution limits for the new year. 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 $20,500. The catch-up contribution limit for employees aged 50 and  Read More →

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