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By Staff Reporters
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- The IRS has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023. The agency boosted contributions for individual retirement accounts to $7,000 for 2024, up from $6,500. The employee contribution limit for 401(k) plans is also increasing to $23,000 in 2024, up from $22,500 in 2023, and catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans.
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IBM just informed its US workers that starting on January 1st, 2024, the corporation will no longer match employee contributions to their 401(k) retirement plans. Instead, it will offer a new benefit called a Retirement Benefit Account (RBA).
“Each eligible employee’s RBA will be credited monthly with an amount equal to five percent of their eligible pay – no employee contribution required,” a leaked internal memo reads, the content of which was confirmed by The Register’s sourcing. “IBMers will also receive a one-time salary increase to offset the difference between the IBM contributions they are currently eligible to receive in the 401(k) plan and the new five percent RBA pay credit. This is separate from the annual salary plan later in the year.”
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A jury on Thursday convicted FTX co-founder Sam Bankman-Fried of fraud, conspiracy and money laundering, the culmination of a month-long trial that saw the former crypto mogul take the stand in his own defense after his inner circle of friends-turned-deputies provided damning testimony against him.
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Here is where the major benchmarks ended:
- The S&P 500 Index was up 79.92 points (1.9%) at 4,317.78; the Dow Jones Industrial Average (DJI) was up 564.50 points (1.7%) at 33,839.08; the NASDAQ Composite was up 232.72 points (1.8%) at 13,294.19.
- The 10-year Treasury note yield was down about 13 basis points at 4.663%.
- CBOE’s Volatility Index (VIX) was down 1.21 at 15.66.
Nearly every sector participated in Thursday’s rally, with banks and other financial companies leading gainers. The KBW Regional Banking Index (KRX) surged more than 5%. Energy and retail shares were also strong. Small-cap stocks outpaced their larger counterparts, with the Russell 2000 Index (RUT) jumping 2.5%.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Career Development, Health Economics, Health Insurance, iMBA, Inc., Investing, Retirement and Benefits | Tagged: 401{k}, 457 plans, CBOE, contribution limits, crypto, crypto-currency, DJIA, DOW, energy, FTX, IBM, IRAs, IRS, KRX, NSDAQ, RBA, Retirement Benefit Account, retirement planning, retirement plans, Russell 2000, Russell 2000 Index, RUT, S&P 500, Sam Bankman-Fried, The Register, thrift savings plans, VIX |
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