Employee Benefits

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The Internal Revenue Service (IRS) has announced that the amount employees may contribute to their 401(k) and 403(b) plans next year remains at $19,500.  The IRS announced this week its inflation adjustments for 2021, including:

  • Overall contribution limit for defined contribution plans increases from $57,000 to $58,000 (but see catch-up contributions below).
  • Catch-up contributions for

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Notwithstanding all the news about repeal and changes to the Affordable Care Act, we are aware that the Internal Revenue Service is enforcing current provisions and assessing penalties.

Enforcement of the 2015 Employer Mandate Penalty

The IRS has announced that it will assess employer mandate penalties for the 2015 tax year.  Employers who had 100…