The IRS has announced the dollar limits for contributions and benefits in retirement plans and certain deferred compensation plans for 2021. We have compiled a chart summarizing the key limits below, including how they compare with those in the previous year. Plan sponsors should confirm with their recordkeepers that all systems have been updated to reflect the 2021 limits.
Each year, retirement plans’ fiduciaries have a lot of responsibilities as they prepare for year-end. This year, fiduciaries and plan sponsors have a few extra “to do’s” on their list, with the passage of the CARES and SECURE Acts within the past year. Join Summer Conley, partner at Faegre Drinker, and Bonnie Treichel, co-founder and COO of ZUNA, on Thursday, October 22, 2020, at 1:00 p.m. ET for an actionable audiocast that will cover the tasks that are most critical to preparing for a successful year-end and start to 2021.
Missed last month’s Benefits & Breakfast meeting on the latest developments in welfare plans in Chicago, Los Angeles and Philadelphia? We have you covered!
Listen to recordings for each meeting, where we covered the following topics:
- New Health Reimbursement Account (HRA) Regulations – Will a standalone HRA work for you?
- Recent Welfare Plan Litigation – Are you prepared to defend a lawsuit based on your current plan documentation and procedures?
- Privacy – Are changes to the HIPAA Privacy Rule in the future? Will new California privacy rules affect you?
- Health Plan Executive Order – What is coming for HSAs, FSAs, and health care price transparency initiatives?