The IRS has now issued Notice 2024-80, setting forth section 415 and several other IRS limits for 2025.
The Social Security Administration had already issued a news release indicating that the Social Security wage base will rise from $168,600 to $176,100 for 2025.
A chart showing details, and limits from 1996 to 2025, can be found at this link.
In this BenefitsPro article, Lisa Tavares and Carol Calhoun discuss starter 401(k) plans under the SECURE 2.0 Act.
The IRS maintains pre-approved plan programs (1) for retirement plans described in I.R.C. § 401(a) (qualified plans), and (2) for annuity contracts or custodial accounts described in I.R.C. § 403(b) (403(b) plans). A new chart shows what types of plans are and are not eligible to use the pre-approved plan program.
Tax-exempt organizations face special legal challenges in developing compensation packages for their executives. A new article, Executive Compensation Arrangements for Tax-Exempt Organizations, published in the Lexis Practice Advisor provides practical guidance on developing benefits for executives of nonprofits.
This article is divided into the following main topics:
A new article, Section 403(b) Plan Design and Compliance, discusses the rules that apply when eligible tax-exempt organizations establish tax-sheltered annuities, custodial accounts, or retirement income accounts, as described in Section 403(b) of the Internal Revenue Code (403(b) plans).
This article addresses the following topics: