IRS Announces Employee Benefit Plan Limits For 2014

The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans for 2014. Although many dollar limits currently in effect for 2013 will change, some limits will remain unchanged for 2014. This On the Subject provides a chart of these 2014 cost-of-living changes.

Recently the Internal Revenue Service (IRS) announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans […]

By | November 2nd, 2013 ||

IRS Publishes 2014 Pension Plan Limitations

Yesterday, the IRS announced cost-of-living adjustments applicable to certain dollar limitations for employee pension benefit plans for 2014:

The annual benefit limit for defined benefit plans is increased from $205,000 to $210,000.
The annual addition limit for defined contribution plans is increased from $51,000 to $52,000.
The annual limit with respect to the exclusion for elective deferrals to a 401(k), 403(b) or 457 plan remains unchanged at $17,500.
The annual limit on contributions to an individual retirement account […]

By | November 1st, 2013 ||

Further Rulings Expected On Meaning Of ‘Establishment' For Collective Redundancy Consultation

We reported last month on the EAT decision in the Woolworths case which means that collective consultation is required whenever an employer proposes to make 20 or more employees redundant within a 90 day period, regardless of where those employees are located or how they are organised.

The Government has now been given leave to appeal this decision in the Court of Appeal and the hearing is expected to take place next month.

Questions on the […]

By | November 1st, 2013 ||