We’ve published the new COLA amounts here (changes noted in bold)and you can also find a printable version for your convenience by clicking here :
Defined Contribution Limits
401(k)/403(b) Contribution Limit $17,500 $17,500
401(k) / 403(b) Catch-Up Limit $5,500 $5,500
Contributions Limit (all sources) $52,000 $51,000
Contribution Limit $12,000 $12,000
SIMPLE IRA/401(k) Catch-Up Limit $2,500 $2,500
Maximum Compensation –
Plan Purposes $260,000 $255,000
HCE Compensation Test Threshold $115,000 $115,000
Social Security Taxable Wage Base $117,000 $113,700
If you’ve been considering switching payroll providers, this is the perfect time to make the change to PASI Payroll. With the new year beginning soon, it’s best to switch to PASI Payroll by the end of this quarter so you can reap the benefits all year long starting in 2014.
Choosing PASI Payroll can reduce your administrative burdens, and minimize errors and delays that often occur with separate vendors managing your retirement planning and payroll activities. You can 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 Payroll Services.
We’ve spent some time “putting pen to paper” to define what we see as PASI’s value proposition, and we’d like to share it with you.
Your company’s progress toward meeting your retirement plan objectives is not static. Neither is PASI’s advice. That’s why we take a very proactive stance in helping you address changing company demographics and shifting legal requirements that could alter your plan. We want to be your retirement plan administrator for the long haul, so we designed our process to give you complete confidence in providing your participants with the benefits you envision. Our service is grounded in:
The key to creating and maintaining high-quality retirement plans is constant, open and detailed communication. We always keep you well-informed. This includes educating you on the many facets of retirement planning opportunities, so you can take full advantage of current tax laws and consider every allowable strategy in making the best decisions for your plan.
We encourage your calls and questions, and aimto provide the right answer in our first communication. We pride ourselves in striving to respond to client inquiries within a few hours, and always on the same day – even during our most busy times.
Annual Review of Plan Design
Meeting with you and your strategic decision-makers annually prevents any unintended design flaws and supports your plan’s ongoing success.We keep your plan current with your company’sspecific requirements and changing priorities/demographics. You will have confidence that your plan’s provisions are monitored and on track.
PASI is your “first line of defense” on ERISA issues. We deliver thorough knowledge of IRS and DOL rules and regulations, which are vast and complex. Our goal is to make them more clear and simple for you. We support information-based decision making while eliminating any stress over your plan’s compliance.
Our goal is to be one of your core trusted advisors, dedicated to providing high-quality services for fees that reflect our valuable role in making your retirement plan a success.
Coming Soon to Your In-Box
Plan Year-End Checklist
In December we’ll be sending out this handy checklist.
In-Plan Roth Transfers
With the American Taxpayers Relief Act of 2012, the availability of In-Plan Roth Transfers has been greatly expanded as of January, 2013. Look for guidance on this in our next newsletter.
Deferred Compensation Plans
They’re becoming more popular as companies look for more tax-deferred income opportunities for their key employees. Details coming in our next newsletter.
We’re happy to welcome Susan Rosenberger, QKA, Plan Consultant, to our team. She joins us from United Retirement Plan Consultants (formerlyPenTec).
Susan comes to PASI with expertise in pension administration as well as design, implementation, consulting and evaluation of qualified plans.
Upcoming Fee Disclosure Deadlines
For 401(k) plans operating on a calendar year plan basis there are a number of “once a year” actions that need to occur in the last quarter of the calendar year. Here are some action items many 401(k) plans will need to address.
For plans that intend to operate as a safe-harbor plan for the 2014 plan year, notices must be distributed sometime between October 2 and December 2.
The deadline for notices in non-calendar year plans is 30 to 90 days before the beginning of the plan year.
Summary Annual Report (SAR):
Deadline if Plan Has Form 5500 Filing Extension:
If a plan’s Form 5500 filing deadline was extended due to a filing extension of the plan sponsor’s tax return, the SAR must be distributed by November 14, or 10½ months after the end of the plan year for non-calendar year plans.
If a plan’s Form 5500 filing deadline was extended due to a Form 5558 filing, the SAR must be distributed by December 15, or 11½ months after the end of the plan year for non-calendar year plans.
Deadline Absent a Filing Extension:
Absent any extension of the 5500 filing deadline, the SAR must be distributed by September 30, or 2 months after the Form 5500 filing deadline.
Minimum Required Distributions (MRDs)
For participants who turned 70½ prior to 2013, MRDs must be made by December 31, 2013.