Closely following the IRS’s announcement of 2024 inflation-adjusted limits for retirement plans ( Notice 2023-75 ), the IRS also has announced its 2024 inflation-adjusted limits for health FSAs,...
Use Practical Guidance’s State Law Comparison Tool (SLCT) to compare real estate laws among several states. With SLCT you can customize and generate a report tailored to your needs for comparing...
As Q4 kicks into high gear, make sure you leave room on your favorite associate’s plate for this new professional development video from Practical Guidance! Covering key tips and skills they will...
Interested in the intersection between the metaverse, the workplace, and employment law? Listen to this Practical Guidance podcast featuring attorney Tim Taylor of Holland & Knight. Listen now »...
Review the key issues to consider when negotiating and drafting a software license agreement. This practice note covers, among other things, the scope of the software license, delivery and installation...
With so much focus on retirement plans, like 401(k) plans, in a corporate transaction, health and welfare plans often are overlooked or not addressed completely. If the seller retains ownership of the company in an asset sale, it’s likely it will continue to retain responsibility for the benefit plans. In a stock sale, the buyer typically acquires the seller’s benefit plans (unless they are terminated, pre-closing). The purchase agreement should set forth comprehensive employee benefit plan representations and warranties. Address whether the seller’s employee benefit plans are to be terminated, when this is to occur, the party that is responsible for COBRA healthcare continuation coverage, handling of incurred and unreported health claims, and more. Reference this practice note and learn the answers.
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DID YOU KNOW? IRS has released 2024 cost-of-living adjustments to retirement plan limits and their applicable contribution/benefits thresholds. The maximum employee salary deferral to a 401(k), 403(b), and to most 457 plans increases to $23,000 in 2024, from $22,500 in 2023. Catch-up contribution, for eligible employees, age 50 and older, remain at $7,500. I.R.S. Notice 2023-75. See Cost of Living Adjustments Chart for Employee Benefit Plans for applicable limits.
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