Retirement Plan, Retirement Plan Administration, Retirement Plans
2022 IRS RETIREMENT PLAN CONTRIBUTION LIMITS The IRS has released the annual limits for 2022: Elective Deferral Limit $20,500 Increased from $19,500 Catch-Up Contribution Limit $6,500 unchanged Annual Addition Limit $61,000 Increased from $58,000 Annual...
Retirement Plan, Retirement Plan Administration, Retirement Plans
The world of retirement plans can seem overwhelming to those not involved in the retirement plan business. Fortunately, there are service providers available to help you to navigate the sea of information. What is my responsibility as a Plan Sponsor? Ultimately, the...
Retirement Plan, Retirement Plans, Retirement Savings
Here are some simple metrics so you know how much to save and if you are saving enough for retirement. 1. Save 15-19% of your income every year of your career. In order to replace your pre-retirement income in retirement, it is estimated that you need to save...
Retirement Plan, Retirement Plans
The IRS has released the annual limits for 2021: Elective Deferral Limit $19,500 unchanged Catch-Up Contribution Limit $6,500 unchanged Annual Addition Limit $58,000 Increased from $57,000 Annual Compensation Limit $290,000 Increased from $285,000 Highly...
Retirement Plan, Retirement Plan Administration, Retirement Plans, Retirement Savings
The number one question I am asked as a Retirement Professional is…How much do I need to save for my retirement? With fewer and fewer pensions, today’s workers need to be more prepared than ever for their retirement. Why Should I Save for Retirement? The purpose of...
401(k) Plans, Plan Documents, Profit Sharing Plans, Retirement Plan Administration, Retirement Plans, Third Party Administrator, Trust Documents
All Qualified Plans are required to restate their plan documents every six years to comply with changes in the laws. The last restatement was known as the PPA Restatement (Pension Protection Act). Currently, the IRS is providing opinion letters on the document...
