On January 9, 2024, the U.S. Department of Labor (“DOL”) issued a final rule (“Final Rule”) defining the term independent contractor under the Fair Labor Standards Act (“FLSA”), rescinding the previous definition of independent contractor outlined in 2021 (“2021 Rule”). The Final Rule establishes a six-factor test based on the economic reality of the worker

Today the Internal Revenue Service (IRS) announced the new dollar limits that apply for retirement plans in 2024. These annual limits generally continue to increase (in some cases rather substantially compared to the limits in effect just ten years ago), based on the cost-of-living calculation methodology that is set forth in the Internal Revenue Code. 

On August 25, 2023, the IRS delayed the requirement, originally slated to be effective in 2024, that catch-up contributions for higher earners be made on a Roth basis.  Now, that provision will be effective in 2026.  This applies to 401(k), 403(b) and governmental 457(b) plans.

SECURE 2.0 requires that individuals whose prior year wages exceed $145,000 and