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IRAs (Roth and Traditional)

and employees aren’t allowed to take loans from the plan. Find out more about SEP IRAs . Payroll Deduction IRA This is an employee-only contribution plan to either a Roth or traditional IRA set up

https://www.icmarc.org/products-and-services/iras.html

403(b) Defined Contribution Retirement Plans

for in-service distributions, hardship withdrawals, or loans. It’s important that you develop a thoughtful strategy for taking withdrawals from your account, both to manage your tax liability

https://www.icmarc.org/products-and-services/403(b)-defined-contribution-plans.html

Savings Strategies with the New Tax Law

interest on home-equity loans unless the money is used for home improvements. (This change applies to loans taken out before the law was passed as well as afterward.) The new law nearly doubles the standard

https://www.icmarc.org/about-us/news-and-updates/early-career-newsletter/nl-save-savingsstrategieswiththenewtaxlaw.html

5 Ways to Ease the Pain of College Costs

). Find out about breaks for repaying student loans. You may be able to deduct up to $2,500 in student loan interest paid for the year, if your income is less than $165,000 for joint filers or $80,000 ... their remaining loan balance forgiven if they work for more than 10 years in certain public service jobs. See the Department of Education’s https://studentaid.ed.gov/sa/repay-loans Repay Your Loans page

https://www.icmarc.org/about-us/news-and-updates/late-career-newsletter/nl-retire-5waystoeasethepainofcollegecosts.html

Rollovers by Non-Spouse Beneficiaries

distributions of elective deferrals in excess of the elective deferral limits and loans that are treated as deemed distributions. 177 Some restrictions or special rules may apply to certain

https://www.icmarc.org/plan-sponsors/plan-rules/pension-protection-act/rollovers-by-non-spouse-beneficiaries.html

MissionSquare Research Institute Unveils Top Public Service Workforce Trends for 2024

loan debt for themselves, and 11% bear student loan debt for a spouse, child, or other family member. Among those 35 and under, 25% are very or extremely worried about paying back their student loans

https://www.icmarc.org/about-us/news-and-updates/media-inquiries/news-20240109-msriunveilstoppublicserviceworkforcetrendsfor2024.html

SECURE 2.0 Act of 2022 Included in 2023 Omnibus Appropriations Package

relief would be available for distributions and loans made with respect to disasters the incident period for which begins on or after January 26, 2021. Key provisions included

https://www.icmarc.org/about-us/news-and-updates/media-inquiries/news-20221221-secure20actof2022includedin2023omnibusappropriationspackage.html

Simplify Your Finances and Save Money

premiums and student loans by signing up for automatic payments. Save and invest automatically. It's easier to save when you have money withdrawn automatically from your paychecks

https://www.icmarc.org/about-us/news-and-updates/early-career-newsletter/nl-save-simplifyyourfinancesandsavemoney.html

Saving Forward: Paying Down Debt

repayment and loan forgiveness programs for federal student loans ( www.studentaid.ed.gov/repay-loans ), including the Public Service Loan Forgiveness program. Improve your credit score. Pay your

https://www.icmarc.org/about-us/news-and-updates/early-career-newsletter/nl-save-savingforwardpayingdowndebt.html

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