/General/General%203.png?width=1280&height=853&name=General%203.png)
Legislation that could benefit Iron Mountain employees and retirees with individual retirement accounts (IRAs) and retirement plans such as employees in Iron Mountain companies, is currently moving through Congress. The Securing a Strong Retirement Act of 2022 has passed almost unanimously in the House. A similar bill (with some differences), the Enhancing American Retirement Now Act, has been drafted in the Senate but will have to wait until Congress is back in session in November for further consideration. If the Senate passes its bill, the House and the Senate would need to reconcile the two bills, and then each would vote on the reconciled bill.
Some significant provisions in the proposed legislation that may aid in your Iron Mountain retirement planning are summarized below.
| Contributions | |
| House | Senate |
| The $1,000 IRA catch-up contribution limit for individuals aged 50 and older would be indexed for inflation, starting in 2024. | The $1,000 IRA catch-up contribution limit for individuals aged 50 and older would be indexed for inflation, starting in 2023. |
| For workplace retirement plans such as a 401(k), the catch-up contribution limit would be increased to $10,000 (indexed for inflation) for eligible participants aged 62 to 64, starting in 2024. | For workplace retirement plans such as a 401(k), the catch-up contribution limit would be increased to $10,000 (indexed for inflation) for eligible participants aged 60 to 63, starting in 2025. |
For SIMPLE plans, the catch-up contribution limit would be increased to $5,000 (indexed for inflation) for eligible participants aged 62 to 64, starting in 2024. For SIMPLE plans, the catch-up contribution limit would be increased to $5,000 (indexed for inflation) for eligible participants aged 60 to 63, starting in 2025. An employer would be able to make matching contributions to a defined contribution plan such as a 401(k) on behalf of an employee who is making qualified student loan payments, starting in 2023. An employer would be able to make matching contributions to a defined contribution plan such as a 401(k) on behalf of an employee who is making qualified student loan payments, starting in 2024.
Featured Video
Articles you may find interesting:
Loading...
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
| Distributions | |
| House | Senate |
| The current starting age of 72 for required minimum distributions (RMDs) from retirement accounts would be increased to age 73 starting in 2023, age 74 starting in 2030, and age 75 starting in 2033. | The current starting age of 72 for required minimum distributions (RMDs) from retirement accounts would be increased to age 75 for calendar years after 2031. |
| The penalty for failing to make an RMD would be reduced from 50% to 25%, starting in 2023. In addition, the penalty would be reduced to 10% if the taxpayer corrects an RMD shortfall and submits a corrected tax return before the earlier of (a) when the IRS demands payment or (b) the end of the second taxable year after the taxable year in which the penalty is imposed. | The penalty for failing to make an RMD would be reduced from 50% to 25%, starting in 2023. In addition, the penalty would be reduced to 10% if the taxpayer corrects an RMD shortfall and submits a corrected tax return before the earlier of (a) when the IRS demands payment or (b) the end of the second taxable year after the taxable year in which the penalty is imposed. |
| Qualified charitable distributions (QCDs) for individuals aged 70½ and older would be expanded to allow a one-time election to be made for a QCD of up to $50,000 (to be adjusted for inflation) to a charitable remainder unitrust, a charitable remainder annuity trust, or a charitable gift annuity. | Qualified charitable distributions (QCDs) for individuals aged 70½ and older would be expanded to allow a one-time election to be made for a QCD of up to $50,000 (to be adjusted for inflation) to a charitable remainder unitrust, a charitable remainder annuity trust, or a charitable gift annuity. |
| An exception to the penalty for early distributions from a retirement plan would be available for up to $10,000 of distributions to a domestic abuse victim after the date of enactment. | An exception to the penalty for early distributions from a retirement plan would be available for up to $10,000 of distributions to a domestic abuse victim after the date of enactment. |
| Other | |
| House | Senate |
| SIMPLE and SEP Roth IRAs would be allowed starting in 2023. | SIMPLE and SEP Roth IRAs would be allowed starting in 2024. |
| If a retirement plan permits it, an employee would be able to elect to have employer-matching contributions treated as Roth contributions, starting with contributions made after the date of enactment. | If a retirement plan permits it, an employee would be able to elect to have employer-matching contributions treated as Roth contributions, starting with contributions made in 2023. |
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Iron Mountain offers a defined contribution plan known as The Iron Mountain Companies 401(k) Plan. This plan, a profit-sharing arrangement, allows participants to direct the investment of their retirement accounts. Employer contributions under this plan are variable and depend on the company's quarterly or annual profits. In 2022, 2023, and 2024, employees of Iron Mountain could elect to defer part of their compensation, contributing to their 401(k) account. This plan includes automatic enrollment for employees and features elective contributions that are deducted directly from payroll (Iron Mountain) (QDRO.com).
The Iron Mountain 401(k) Plan permits employee-directed accounts, meaning that if an employee does not select investment options, their assets are placed in a default investment account. Employee contributions are matched up to 6% by Iron Mountain, encouraging employees to take advantage of this benefit (Iron Mountain). The plan is a classic example of a cash or deferred arrangement under Code section 401(k).
In 2023 and 2024, Iron Mountain experienced notable changes that impacted both its workforce and employee benefits. Two significant WARN notices were filed, leading to the layoff of 132 employees across Indiana and Virginia (Iron Mountain) (Yahoo Finance). This restructuring aligns with the company's broader strategic focus on integrating new acquisitions, such as Regency Technologies. While Iron Mountain remains committed to long-term growth, these layoffs suggest a tactical pivot amid shifting customer demands and the broader economic environment. The layoffs highlight the need for Iron Mountain to adapt to both the evolving information management sector and the external economic pressures. It is crucial to address this news due to the complex economic, investment, tax, and political environment that drives restructuring efforts today.
Iron Mountain provides stock options and Restricted Stock Units (RSUs) to eligible employees as part of its compensation strategy. In 2022, Iron Mountain expanded its use of RSUs to attract and retain key talent, emphasizing its shift toward equity-based compensation. Stock options are generally offered to senior management and top performers, giving them the right to purchase company stock at a predetermined price, while RSUs are granted to employees across various levels as part of their long-term incentive plan. These RSUs typically vest over a period of three to five years, aligning with Iron Mountain’s long-term performance objectives (Iron Mountain) (Iron Mountain) (Iron Mountain).
In 2023, Iron Mountain continued to emphasize RSUs, especially for employees involved in strategic growth areas such as data centers and digital transformation. The focus was on retaining talent critical to the company's innovation-driven goals. In 2024, Iron Mountain further increased the scope of RSUs to mid-level employees, broadening participation in equity programs across the organization. Stock options and RSUs are accessible to top-performing employees, senior management, and those in strategic growth roles at Iron Mountain
Iron Mountain offers a range of health benefits for its employees, with specific provisions evolving over the years 2022 to 2024. Their benefits package includes medical, dental, and vision insurance options, along with Health Savings Accounts (HSAs), which are widely used across the company (Iron Mountain Daily News).
The healthcare-related acronyms and terms commonly referenced by Iron Mountain employees include PPO (Preferred Provider Organization), HSA (Health Savings Account), and EAP (Employee Assistance Program). Telehealth options are also part of their healthcare benefits, providing access to virtual care services
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
-2.png)
