Defined Contribution Plan Cycle 3 Restatement

Every six years, the Internal Revenue Service (IRS) requires all pre-approved qualified retirement plans be restated to maintain the plan’s tax-qualified status. The next period for these restatements is upon us. The restatement will incorporate mandatory IRS plan amendments and
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Set up a New Safe Harbor 401(k) Plan by October 1

Business owners and other Highly Compensated Employees (HCE’s) really benefit from a Safe Harbor 401(k) Plan. They can maximize their deferral contributions to the plan regardless of the level of participation by the Non-HCE’s. That maximum for 2020 is $19,500 plus a $6,50
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Dollar Limitations on Benefits and Contributions

Please refer to the following chart for Contribution and Deduction limits for benefit plans. Notable changes: For 2020, you can contribute $500 more to your SIMPLE plans. 401(k) deferral limits also increased by $500, as did the 401(k) catch-up limit. Total defined contribution limits
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The Clock is Ticking!

Set up a New Safe Harbor 401(k) Plan by October 1! Business owners and other Highly Compensated Employees (HCE’s) really benefit from a Safe Harbor 401(k) Plan. They can maximize their deferral contributions to the plan regardless of the level of participation by the Non-HCER
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Tax Reform: Retirement Plan Provisions

The Tax Cuts and Jobs Act covers a wide variety of tax changes. In the retirement plan world, before the final bill was passed, there was a lot of talk about reducing contribution limits and/or requiring Roth Deferrals as opposed to pre-tax deferrals. Thankfully, neither of these prop
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