The IRS has released Notice 2023-75, containing cost-of-living adjustments for 2024

• The employee contribution limit for 401(k) plans in 2024 has increased to $23,000.
• The employee contribution limit for IRAs is increased to $7,000, up from $6,500.
• The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans is increased to $16,000.

Winter Attraction and Retention Tips

Consider the following strategies to improve winter attraction:

• Launch an employee referral program
• Share organizational and employee successes on social media

Consider the following practices to boost employee retention during the winter months:

• Recognize and reward employees for good work and accomplishments
• Offer holiday bonuses and incentives

Read the newsletter below for the details on the other IRS changes and for more winter attraction and retention tips!