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The House of Representatives and Senate are working along similar lines to reform laws governing retirement plans like 401(k)s and traditional IRAs. Initiatives in both bodies raise the age cap ...
Here’s a roundup of some of the key retirement-related changes to watch for in the new year. ... 403(b), governmental 457 plans, and the federal government's Thrift Savings Plan to $23,500, up ...
Expands automatic enrollment for certain retirement plans [9] Creates a "saver's match", a federal tax credit which can be claimed by a taxpayer for contributing to an employer retirement plan; Increases age at which required minimum distributions start; Indexes catch-up contributions to inflation
Under the proposed bill, workers between the ages of 62 and 64 can contribute an extra $10,000 to 401(k) and 403(b) plans. Participants in a SIMPLE IRA could contribute an additional $5,000.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. 116–94 (text), was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 (2020 United States federal budget).
For plans like a 401(k), 403(b), Thrift Savings Plan, some 457 plans and Simple IRAs and 401(k) plans, the total contribution limit for participants age 60 to 63 in 2025 is $34,750.
The catch-up contribution limit that applies to employees aged 50 and up enrolled in most 401(k), 403(b), governmental 457 plans and the Thrift Savings Plan will remain at $7,500 for 2025. Workers ...
In the United States, a 403(b) plan is a U.S. tax-advantaged retirement savings plan available for public education organizations, some non-profit employers (only Internal Revenue Code 501(c)(3) organizations), cooperative hospital service organizations, and self-employed ministers in the United States. [1]