In an effort to assist employees who may not be able to save for retirement because they are overwhelmed with student loan debt, as of January 1, 2024, Section 110 of SECURE 2.0 permits an employer to make matching contributions under a 401(k) plan, 403(b) plan, or SIMPLE IRA with respect to “qualified student loanContinue reading “Employers May Now Make Matching Contributions for Student Loan Payments”
401(k) and IRA 2024 Contribution Limits
Today, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. Meanwhile, the limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over wasContinue reading “401(k) and IRA 2024 Contribution Limits”