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.
Innovation in caregiver-related benefits is being driven by individual organizations listening to their workforces and redesigning their benefits packages to suit their unique needs.
When HR teams implement alternatives like convertible PTO, they will improve the financial health of the company and provide employees with the support they need.
More plan sponsors are prioritizing retirement income and considering managed accounts as an opt-in option in 401(k)s, according to T. Rowe Price's 4th annual consultant study.