Retirement Plan Insights
The employee contribution limit for 401(k) plans in 2024 has increased to 23,000, up from $22,500 for 2023.
For employers, creating a culture of retirement preparedness is not only a responsible business practice but also a vital contribution to the overall well-being of their workforce.
This brief highlights ten key elements of the just-passed Secure Act 2.0 that will impact workplace benefits and retirement plans.
401(k) plans can be a powerful tool to promote financial security in retirement. They provide a host of benefits for employers, including aiding in hiring and retention, tax-advantaged contributions, and the ability to include all employees, owners and managers. Employees also enjoy advantages such as flexibility with contributions and investment options, tax- free contributions and earnings, and often portability if they leave the company.