Bankers Benefits

Bankers Benefits Bankers Benefits was created to deliver programs offered by the Benefit Source Trust of the Chase M

Bankers Benefits offers a wide range of compensation and benefit consulting services to banks, assisting clients in attracting, retaining and motivating key employees in the face of the growing pressures of rising cost in an increasingly competitive and regulatory environment. Our plan designs employ a patented process which assists in benefit cost optimization. Particular attention is paid to analyzing demographics, projected benefit liability, industry trends and peer analysis.

01/19/2023

SECURE Act 2.0, a bipartisan bill designed to update retirement plan statutes, was signed into law on December 29, 2022.  Like the SECURE Act from 2019, the intent is to modernize retirement plans and further encourage saving for retirement.  SECURE Act 2.0 includes sections that are effective in ...

10/25/2022

The IRS has released the 2023 Plan Limits. Below are a few highlights of the changes. Seehttps://www.irs.gov/pub/irs-drop/n-22-55.pdf for the full release. The annual benefit limit under a defined benefit plan under § 415(b)(1)(A) is increased from $245,000 to $265,000. The limitation for defined ...

12/27/2017

Some Tax Reform Highlights: • New personal income tax rates • An increase in the standard deduction to $12,000 for single filers and $24,000 for those who are married and file jointly • The elimination of some personal deductions and credits • The capping of the deductions for state and loca...

10/23/2017

On October 19, 2017, the IRS announced cost of living adjustments affecting dollar limitations for retirement plans for the 2018 tax year. Note some of these limits are affected by the Consumer Price Index (CPI) and did not meet the thresholds for being increased. Below is a quick summary of the cha...

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5215 Old Orchard Road, Ste 1200
Skokie, IL
60077

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