skip to main content
X

Services

Audit & Assurance

We provide a wide range of audit and assurance services, including financial audit, forensic audit, compliance audit, financial operations, and more.

401(K) INCREASE AND YOUR FIDUCIARY DUTY

November 18, 2019

401(K) INCREASE AND YOUR FIDUCIARY DUTY

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.

Hide Firm Disclaimer

©2020 UHY LLP. ALL RIGHTS RESERVED.

UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.