New plan limits have been released for 2013. Here are the updated limits that most affect tax-qualified Retirement Plans (increases are underlined):
Defined Contribution Limits 2013 2012
401(k)/403(b) Contribution Limit $ 17,500 $17,000
401(k) / 403(b) Catch-Up Limit $5,500 $5,500
Total Plan Contributions
Limit (all sources) $51,000 $50,000
Contribution Limit $12,000 $11,500
SIMPLE IRA/401(k) Catch-Up Limit $2,500 $2,500
Maximum Compensation –
Plan Purposes $255,000 $250,000
HCE Compensation Test Threshold $115,000 $115,000
Social Security Taxable Wage Base $113,700 $110,100
If you’ve been considering switching payroll providers, this is the time! With the new year beginning soon, it’s best to switch to your new provider before the end of this quarter.
Integrate your 401k with us, get ease of payroll, and save money when you choose PASI’s state-of-the-art payroll technology. It’s a package of complete, accurate and affordable payroll services that also allow you to realize full integration and custom reports. Plus, you eliminate the need for compiling year-end Census data!
Call us or visit our website for more information about our Payroll Services.
It’s hard to believe year-end is around the corner, but it is. You’ll be getting our annual “Important Year End Information” package via email in December for Calendar Year Plans.
It’s always a good idea to gather important year-end data earlier than you think you must. That helps avoid the rush once the calendar turns to December!
NOVEMBER 14, 2012
First quarterly participant statement due detailing fees and expenses according to 404(a)(5).
DECEMBER 1, 2012
For Calendar Year Plans, Annual Safe Harbor Notices are due to Participants.
DECEMBER 15, 2012
For Calendar Year Plans, Summary Annual Report (SAR) due to Participants.
All new Participants must receive the new annual fee disclosure statements.