NEWS FLASH

Loan Interest – January 2024

The current Loan Interest Rate is 8.5%

2023 Limits

2023 Limits have been released! See Policies for the most up-to-date information.

7 Day Deposit Requirement for 401(k) Deferrals

The DOL announced the publication of a final rule to protect employee contributions deposited to small plans (under 100 participants). Effective 1/14/2010 the safe harbor period of 7 business days after withholding to deposit employee deferrals to the plan would be deemed to be in compliance. For Employers that have been using the 15 day rule, we would advise that you make the necessary changes immediately to fall within the 7 days period.

Medical Reimbursement Limit

The IRS has set a limit of $2,650 for Medical Reimbursements beginning January 1, 2018.