The Internal Revenue Service announced the cost of living adjustments (COLA) for tax year 2025.
Defined contribution plan highlights include the following:
Click here to view the full listing of COLA updates.
Participant Notices and catch-up contributions for participants ages 60 to 63
SECURE 2.0 legislation provides for an optional, increased catch-up limit effective January 1, 2025 for participants ages 60 to 63. Given that some plans will not adopt the increased limits, we are providing two versions of the Participant Notice.
Click here for a sample Participant Notice which includes the additional catch-up contribution limits for participants ages 60 to 63.
Click here for a sample Participant Notice which omits the additional catch-up contribution limits for participants ages 60 to 63.
