Employee Benefits & Executive Compensation

On November 1, 2023, the Internal Revenue Service (IRS) announced the new contribution and benefit limits to qualified retirement plans. The increased limits will allow employees to save more money for retirement. Starting in 2024, the following limits apply:   Employees can contribute up to $23,000 into their 401(k), 403(b) and
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Carmody’s Corporate team lead by Tom Candrick and Kevin Palumberi advised GEM Manufacturing on its sale to Core Industrial Partners, with support from Adam Brocklehurst, Johanna Bachmair, Deborah Brancato and Mark Williams. Click here to read: Private equity firm acquires Waterbury business | Hartford Business Journal

January 19, 2023 SECURE 2.0 Act of 2022, was part of the Consolidated Appropriations Act, 2023, signed by President Biden on December 29, 2022. This Act makes numerous important changes to various retirement plan rules, affecting 401(k) and 403(b) plans, and enhances some changes made in the 2019 SECURE Act.
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The IRS, in Notice 2022-55 has announced increased 401(k) plan limits for 2023.  The increases are larger than usual due to inflation.  Here is what you need to know: The 401(k) deferral limit is increased to $22,500 from $20,500. Note this increase applies to 403(b) plans as well. The total contribution limit
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Tim Klimpl is featured in Fortune’s CFO Daily. Click here to read the story.

Tim Klimpl discusses cryptocurrency as a form of compensation for the Connecticut Business & Industry Association. Click here to read the article.

The use of cryptocurrency is starting to gain a substantial foothold in employment and compensation according to the U.S. Department of Labor. For startup companies and other employers, this trend should call for both excitement and caution. First, last month the DOL’s Employee Benefits Security Administration published a compliance assistance
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In our March 29 e-alert concerning the new COBRA subsidy, we indicated that we would advise when the new COBRA notices from the U.S. Department of Labor (DOL) became available. The DOL published the model notices on April 7, 2021. Background: Under the American Rescue Plan Act (“ARPA”), a temporary
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Timothy Klimpl, of New Canaan, Connecticut has recently joined Carmody Torrance Sandak & Hennessey LLP as Counsel in the firm’s Stamford office. Tim is a seasoned attorney with experience providing ERISA advice and related services to a variety of plan sponsors and employee benefit plans, including corporate, nonprofit, multiemployer and
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