Higher catch-up limits for employees at age 60, 61, 62, and 63. Beginning at age 50, participants can contribute an extra $7,500 (indexed annually) into a workplace 401(k) or 403(b) retirement plan, called a “catch-up” contribution. The new provision permits an...
Employers allowed to replace SIMPLE retirement accounts with Safe Harbor 401(k) plans during a plan year
This allows an employer to replace a SIMPLE IRA plan with a SIMPLE 401(k) plan or other 401(k) plan that requires mandatory employer contributions during a plan year.