Dollar Limitations on Benefits and Contributions

Please refer to the following chart for Contribution and Deduction limits for benefit plans. Notable changes: For 2020, you can contribute $500 more to your SIMPLE plans. 401(k) deferral limits also increased by $500, as did the 401(k) catch-up limit. Total defined contribution limits

ATTENTION ILLINOIS EMPLOYERS!

Illinois Secure Choice retirement savings program is for Illinois employers who do not already offer an employer-sponsored retirement plan. It is intended to provide a simple way for employers to help employees save for retirement without any employer fees/ contributions. Employers wh

Employee vs. Independent Contactor

An employer may pay an independent contractor and an employee for the same or similar work, but there are important differences between the two with potentially costly consequences. Read to find out more.

The Clock is Ticking!

Set up a New Safe Harbor 401(k) Plan by October 1! Business owners and other Highly Compensated Employees (HCE’s) really benefit from a Safe Harbor 401(k) Plan. They can maximize their deferral contributions to the plan regardless of the level of participation by the Non-HCER

Company Offered Education Programs

Company owners – are you thinking about paying for your employee’s education? There are four different routes you can choose from: Job-Related Education as a Working Condition Fringe Benefit Education Provided Under a Sec. 127 Educational-Assistance Program Qualified Tuiti