The IRS announced today it will increase 401(k) contribution limits to $23,500 (from $23,000 in 2024), the same increase as last year, while limits for employees over 50 remains unchanged.
There needs to be a multi-faceted approach, spanning policy reform, organizational change, individual savings, and expanded philanthropic support, according to Just Futures' George Guerrero.
Employer payments of principal or interest on an employee's "qualified education loan" may be eligible for tax-free treatment up to the $5,250 annual maximum, as part of an employer's "educational assistance program."
Employers should take a holistic view of their 401(k) that considers plan design, employee profile and behaviors and communication programs so that the plan can be tailored to the profile of the employees at their firm, says a John Hancock report.
Only 58% of plan sponsors believe participants are on track with their retirement savings, which is why most (82%) advisors are recommending a retirement income solution to DC clients, according to a Blackrock survey.
"The National Strategy for Financial Inclusion" report leans heavily on the Treasury working to implement SECURE 2.0 provisions, such as Saver's Match, emergency savings programs and auto-enrollment.
Boeing union workers, in their seventh week of a strike, are seeking higher wages along with the restoration of the company's pension plan, which has been frozen since 2014.
More than half (59%) of 401(k) participants wish they received more guidance from their employer on how to invest their workplace retirement plan assets, according to a new Schroders survey.
President Biden floats another student loan relief proposal aimed at borrowers facing "hardship," according to the Department of Education, while his SAVE plan is tied up in federal courts.