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Retirement Update: Plenty of Changes on Deck for 2024


At the end of October, US Department of Labor (DOL) announced a rule expanding what’s considered “fiduciary investment advice” under the Employee Retirement Income Security ACT, better known as ERISA. This will include guidance from those involved in employer-sponsored retirement plans. 
The most notable difference will be a change to the five-part test, which will now state that investment advice will be considered fiduciary if the person providing it “does so on a regular basis as part of their business.” 
The advice must also be “provided under circumstances indicating that the recommendation is based on the particular needs” of the retirement investor, and could potentially be used as a guide in their investment decisions. DOL’s press release states that the update would come into play when financial services providers are charging what they consider “junk fees” for advice, which can cut into the funds saved.  
An attempt was made by DOL in 2015 to update the definition of “fiduciary,” but fell apart after a circuit court vacated the rule before it could be enforced. 


The IRS also recently announced plenty of changes in store for 2024, all part of the SECURE 2.0 Act. The headliner of these changes that will impact the majority of people saving for retirement - the maximum employee contribution for 401(k) retirement plans will increase next year. With a $500 increase from 2023, employees will be able to contribute up to $23,000 each year to their $401(k) plans starting January 1, 2024. The increase will also apply to 403(b) plans and some 457 plans. This hike is much smaller in comparison to the $2000 annual increase between 2022 and 2023. IRAs will also see a max contribution increase of $500 for 2024, raising the annual limit to $7000. 


If a plan participant under 59 ½ makes an early withdrawal from their retirement plan now, there’s a 10% penalty attached. Starting in 2024, that fee will be waived for participants borrowing up to $1000 per year for immediate personal or family emergencies or unforeseeable circumstances. 2024 will also see an exception to the penalty for participants making an early withdrawal to escape domestic violence. Effective immediately, withdrawals made by those diagnosed with a terminal illness will also not be subject to the penalty. 
The required minimum distribution age will change from 72 to 73 this year. Plan for this to move again, as it’s already cemented that the age will increase in 2025 to 75. 


Investors making over $145,000 annually will be considered “high earners,” and will be required to designate catch-up contributions as Roth contributions. This will sting a little bit for older investors who make up a majority of those taking advantage of catch-up contributions. Roth investments are made post-tax, so this may have over-50 participants rethinking their catch-up plan to avoid a higher tax bill. 


If you’re a parent, you may have wondered, “What if my child doesn’t need the 529 that we invested in all these years?”  There a few reasons that a student may not need to touch or exhaust those funds. They may choose a career path with a shorter educational requirement, receive a full-ride scholarship, or decide that higher ed is simply not for them. For 529 accounts open more than 15 years, the beneficiary can roll up to $35,000 into a Roth IRA over the course of their life. Parents can now breath a sigh of relief that they won’t be penalized if their student finds other ways to pay to further their education after high school.

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2025-26 Safety Council Rebate Program

Posted By Brandy King
June 05, 2025 Category: General

Along with the new Ohio BWC policy year beginning on July 1, 2025 – one of their most beneficial programs now has an increased ROI for employers. Participating in a local safety council is beneficial not just for the savings – but also the education, networking, and locating resources to aid your internal safety programs. Ohio businesses have until July 31, 2025 to sign on for the 2025-2026 program. Your company can earn a 3% rebate (not to exceed $5000) on ’25-26 policy year premiums by attending 10 in-person safety council meetings. At least eight (8) of these must be attended through the safety council you’re enrolled with, and up to two (2) credits can be earned through attending BWC-sponsored in-person or virtual events, or in-person training from external sources like your TPA or trade organizations and Chambers of Commerce. Remember – to get the 3% rebate, your policy premiums must be current and your most recent True-Up should have been completed on time. This rebate program can be combined with Group Rating, Group Retro and virtually any other BWC program your company participates in. For more information on the Safety Council Program, reach out to us at 440-249-5260 or check out this

A Big Thank You from the Spooner Team!

Posted By Brandy King
June 05, 2025 Category: General

We’d like to sincerely thank every Ohio employer that chose Spooner Medical Administrators, Inc. (SMAI) as their MCO during MCO Open Enrollment last month, as well as those loyal clients who chose to remain with our MCO. SMAI continues to experience sustainable, organic growth, thanks to the partnerships we have with Chambers of Commerce, trade organizations, Associations, and simply by word of mouth. SMAI has grown in both policies assigned and claims managed, and was also one of only four MCOs to see a net growth during Open Enrollment. The team at SMAI is excited to begin building partnerships with the hundreds of new employers that moved to Spooner Medical Administrators this year.   Thanks for putting your faith in us, Ohio businesses! We can’t wait to meet even more new customers when the next Open Enrollment rolls around in

2 Hour Safety Training Deadline for 2024 PY

Posted By Brandy King
June 05, 2025 Category: General

If your company participated in Group Rating or Group Retro during the 2024 policy year (July 1, 2024-June 30, 2025) and had a claim during the green year(s), you’re required to complete two hours of safety training by June 30, 2025. Please be sure to complete submit the training certificates to your team at Spooner (or your TPA, if you’re not a Spooner client). If you’re unsure if you need to complete this training, reach out to your client services manager. The training doesn’t have to be completed in person – so there’s still time to meet the requirement by participating in one of BWC’s online courses.  Here are some details on fulfilling the two-hour training requirement, per the Ohio BWC website.    Two-hour Training Options A variety of training sources are available for you to fulfill this requirement. They include the following offered through BWC’s Division of Safety & Hygiene: Education and Training Services Center courses Ohio Safety Congress & Exposition (OSC) safety education sessions Safety council seminars, workshops, or conferences featuring a safety topic that are at least two hours long (Safety council monthly meetings do not qualify.) Guidelines for courses offered through non-BWC training forums The group sponsor, third-party administrator, or an independent source can sponsor a course, provided it meets the two-hour criteria. The topic must be workplace safety rela

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