Employees participating in 401(k) plans will be able to contribute up to $19,500, an increase of $500 from the prior year. Participants 50 and over will be pleased to learn the catch-up contribution has also increased by $500 to $6,500, the first increase since 2015. This should alert trustees of company retirement plans with fiduciary duties to plan for the increase in these contribution limits. Trustees should note eligible income ranges for deductible contributions to individual retirement arrangements were also adjusted. Trustees with fiduciary responsibilities may be held personally liable for their action or inaction. These changes should be considered in the upcoming years to help with compliance of plans and to maximize employee benefits.
You're Invited! 2020 Automotive Outlook
Wednesday, January 15, 2020
Join us at the MSU Management Education Center in Troy, MI