The automatic increases expected every three years thereafter add yet another wrinkle to this rule. Below, find four strategies to embrace when designing and creating the flexible workspace of today.
Annual compensation for classification of highly compensated employees. Highly compensated employees (hces) are employees who earn more than the irs maximum allowable compensation for a 401 (k) of $155,000 ($150,000 for 2023), or who own more than 5% of a.
A Highly Compensated Employee (Hce) Is An Individual Who Meets One Of The Following Criteria:
An employee is a highly compensated employee (hce) based upon the employee’s compensation during the prior plan year.
The Threshold For Determining Who Is A Highly Compensated Employee Under Section 414(Q)(1)(B) Increases To $155,000 (From $150,000).
Also certain family members of those who are 5% owners are considered hces.
Images References :
Refer To Your Plan's Summary Plan Description.
In addition, the rule will adjust the threshold for highly compensated employees.
The Threshold For Determining Who Is A Highly Compensated Employee Under Section 414(Q)(1)(B) Increases To $155,000 (From $150,000).
The needs and preferences of workers in a hybrid environment require a new vision of your existing workspace.