admin – Pension Plan Specialists https://pensionplanspecialists.com PPS Tue, 12 Dec 2023 20:00:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 2024 Cost of Living Adjustments Announced https://pensionplanspecialists.com/2023/11/06/1714/ Mon, 06 Nov 2023 16:32:21 +0000 https://pensionplanspecialists.com/?p=1714 .avia-image-container.av-5vw7iq-56d88b5bb7dec48d9ba63e845b07bfab img.avia_image{ box-shadow:none; } .avia-image-container.av-5vw7iq-56d88b5bb7dec48d9ba63e845b07bfab .av-image-caption-overlay-center{ color:#ffffff; }

2024 Cost of Living Adjustments Announced

The IRS has released cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024. The 2024 limits are contained in Notice 2023-75, released November 1.


LIMIT

2024

2023
Defined Benefit Plans

The lesser of the maximum dollar limitation for annual benefits under defined benefit plans under Internal Revenue Code (IRC) Section 415(b)(1)(A) or 100% of the participant’s average compensation for his high 3 years.

 $275,000 $265,000
Defined Contribution Plan 415 dollar limit

The lesser of the dollar limitation for annual additions under defined contribution plans under IRC Section 415(c)(1)(A) or 100% of compensation.

 $69,000 $66,000
401(k)/403(b)/Existing SARSEP Elective deferral limit

All elective deferrals (including designated Roth contributions) in a tax year made by a participant to a 401(k), 403(b) tax deferred annuity, simplified employee pension, and SIMPLE retirement plan are aggregated under IRC Section 402(g).

 $23,000 $22,500
457 Deferral Limits

The lesser of the limitation on vested contributions to 457 plans under IRC Section 457(e)(15) or 100% of includible compensation.

 

 $23,000 $22,500
403(b) Catch-up limit

The maximum available 402(g) elective deferral limit plus the special catch-up election for employees participating in a 403(b) tax deferred annuity who have had at least 15 years of service with an educational organization, hospital, home health agency, health and welfare service agency, church or convention or association of churches.  Note:  The additional 403(b) special catch-up of up to $3,000 per year cannot exceed cumulatively $15,000 over the lifetime of the 403(b) participant.

 $30,500 $30,000

457 Catch-up limit

The special catch-up election for employees participating in an eligible 457 deferred compensation who have elected the special catch-up available in the three years prior to the year of normal retirement age.

Note: The participant in a governmental 457(b) plan may make catch-up contributions in a year equal to the greater of (a) the amount permitted under the age 50+ catch-up, or (b) the amount permitted under the 457 catch-up.

 $48,500 $41,000
Age 50+ Catch-up Limits

The special catch-up available under IRC Section 414(v) for individuals at least 50 years old in 2022 and make eligible pre-tax contributions to 401(k), 403(b), and governmental 457 plans.

 $7,500 $7,500
Definition of Key Employee

The compensation threshold used for determining key employees under IRC Section 416(i)(1)(A)(i).

 

 $220,000 $215,000
Definition of Highly Compensated Employees

The compensation threshold used for determining highly compensated employees under IRC Section 414(q)(1)(B).

 

 $155,000 $150,000
Compensation Limit

The annual limit of compensation that may be taken into account for contribution purposes in accordance with IRC Section 401(a)(17).

 

 $345,000 $330,000
The annual limit of compensation that may be taken into account for contribution purposes in accordance with IRC Section 401(a)(17) (certain governmental plan participants who first became participants in that governmental plan before the 1996 plan year).

 

 $450,000 $450,000
Adjusted Gross Income Limit for Saver’s Credit

The highest adjusted gross income (based on federal income tax filing status) taken into account for eligibility for the Saver’s Credit under IRC Section 25B.

 $76,500 (joint)

$38,250 (single)

$57,375 (head of household)

 $73,000 (joint)

$36,500 (single)

$54,750 (head of household)
SIMPLE Retirement Accounts

Compensation taken into account that an employee may elect to defer under a SIMPLE retirement plan described in IRC Section 408(p)(2).

 $16,000 $15,500
Compensation for SEPs

Compensation taken into account to determine eligibility for simplified employee pensions (SEPs).

 $750 $650

On November 1, 2023, the Social Security Administration released its cost of living information for 2024:
Taxable Wage Base 2024 2023
Maximum amount of earnings subject to payroll tax. $168,600 $160,200
]]> The 15 Minute Fiduciary https://pensionplanspecialists.com/2023/06/29/the-15-minute-fiduciary/ Thu, 29 Jun 2023 21:37:18 +0000 https://pensionplanspecialists.com/?p=1643 .avia-section.av-ljhd90iz-482f19697e6930ccba913da809082d88{ background-repeat:no-repeat; background-image:url(https://pensionplanspecialists.com/wp-content/uploads/2021/05/soda-peaks-lake.jpg); background-position:50% 50%; background-attachment:scroll; } .avia-section.av-ljhd90iz-482f19697e6930ccba913da809082d88 .av-section-color-overlay{ opacity:0.6; background-color:#084a79; }

Click here to add your own text

Click here to add your own text

The 15 Minute Fiduciary

Educate your Team with Fiduciary Training

Presented to you free by Pension Plan Specialists

As a valued client, we’re pleased to present you with The 15-Minute Fiduciary training program, a premium online course that gives you exclusive access to a wealth of fiduciary expertise from some of the best and brightest minds in the industry at no cost to you.  Each lesson can be accessed at your convenience and as your schedule permits.

Course Benefits

About the Course

This innovative, self-paced course guides you through the various fiduciary rules for your plan to build and strengthen your understanding of all things fiduciary. This course also provides helpful tips, best practices, and actionable insights to help you and your team understand your Plan Responsibilities.

Who Should Take the Course

We recommend anyone currently involved with your retirement plan take the course, including the plan administrator, plan trustees, fiduciaries, and plan committee members.  Additionally, on an ongoing basis, we recommend requiring newly appointed committee members and anyone new to working with the plan take the course.

Even if you are an experienced fiduciary, taking the course helps you demonstrate that you have engaged in needed continuing education on an annual basis.  Each individual who completes the course should save their course certificate of completion with their plan files for backup purposes.

Register Now to Access the Course!

Scan the QR Code or Click here

and enter Group Code: PPS15

Course Registration


Go to the Course Registration Page

Enter the Following Information:

  • Your Name and Email Address
  • Your Company Name
  • Enter a Username (you will use this to login)
  • Enter a Password (you will use this to login)
  • Enter the Group Code from your Dedicated Plan Representative
  • Click Submit

Go to the Course Login Page and Login using your newly established credentials to access the course.

If you have questions, please contact your Dedicated Plan Representative.

]]> IRS Announces 2023 Retirement Plan Limits https://pensionplanspecialists.com/2022/10/31/irs-announces-2022-retirement-plan-limits/ Mon, 31 Oct 2022 16:24:41 +0000 https://pensionplanspecialists.com/?p=1538

INFORMATION RELEASE
November 4, 2021
The IRS has released cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022. The 2022 limits are contained in Notice 2021-61, released November 4.

LIMIT 2022 2021
Defined Benefit Plans
The lesser of the maximum dollar limitation for annual benefits under defined benefit plans under Internal Revenue Code (IRC) Section 415(b)(1)(A) or 100% of the participant’s average compensation for his high 3 years.
Defined Contribution Plan 415 dollar limit
The lesser of the dollar limitation for annual additions under defined contribution plans under IRC Section 415(c)(1)(A) or 100% of compensation.
401(k)/403(b)/Existing SARSEP Elective deferral limit
All elective deferrals (including designated Roth contributions) in a tax year made by a participant to a 401(k), 403(b) tax deferred annuity, simplified employee pension, and SIMPLE retirement plan are aggregated under IRC Section 402(g).
457 Deferral Limits
The lesser of the limitation on vested contributions to 457 plans under IRC Section 457(e)(15) or 100% of includible compensation.
403(b) Catch-up limit
The maximum available 402(g) elective deferral limit plus the special catch-up election for employees participating in a 403(b) tax deferred annuity who have had at least 15 years of service with an educational organization, hospital, home health agency, health and welfare service agency, church or convention or association of churches.  Note:  The additional 403(b) special catch-up of up to
$3,000 per year cannot exceed cumulatively $15,000 over the lifetime of the 403(b) participant.		 $245,000 $230,000
$61,000 $58,000
$20,500 $19,500
$20,500 $19,500
$23,500 $22,500
 
 

LIMIT 2022 2021
457 Catch-up limit
The special catch-up election for employees participating in an eligible 457 deferred compensation who have elected the special catch-up available in the three years prior to the year of normal retirement age.
Note: The participant in a governmental 457(b) plan may make catch-up contributions in a year equal to the greater of (a) the amount permitted under the age 50+ catch-up, or (b) the amount permitted under the 457 catch-up.
Age 50+ Catch-up Limits
The special catch-up available under IRC Section 414(v) for individuals at least 50 years old in 2022 and make eligible pre-tax contributions to 401(k), 403(b), and governmental 457 plans.
The special catch-up is available for individuals who are at least 50 years old in 2022 and make eligible pre-tax contributions to a SIMPLE plan.
Definition of Key Employee
The compensation threshold used for determining key employees under IRC Section 416(i)(1)(A)(i).
Definition of Highly Compensated Employees
The compensation threshold used for determining highly compensated employees under IRC Section 414(q)(1)(B).
Compensation Limit
The annual limit of compensation that may be taken into account for contribution purposes in accordance with IRC Section 401(a)(17).
The annual limit of compensation that may be taken into account for contribution purposes in accordance with IRC Section
401(a)(17) (certain governmental plan participants who first became participants in that governmental plan before the 1996 plan year).
Adjusted Gross Income Limit for Saver’s Credit
The highest adjusted gross income (based on federal income tax filing status) taken into account for eligibility for the Saver’s Credit under IRC Section 25B.		 $41,000 $39,000
$6,500
$3,000		 $6,500
$3,000
$200,000 $185,000
$135,000 $130,000
$305,000
$450,000		 $290,000
$430,000
$68,000 (joint)
$34,000 (single)
$51,000 (head of household)		 $66,000 (joint)
$33,000 (single)
$49,500 (head of household)
LIMIT 2022 2021
SIMPLE Retirement Accounts
Compensation taken into account that an employee may elect to defer under a SIMPLE retirement plan described in IRC Section 408(p)(2).
Compensation for SEPs
Compensation taken into account to determine eligibility for simplified employee pensions (SEPs).		 $14,000 $13,500
$650 $650

On October 13, 2021, the Social Security Administration released its cost of living information for 2022:

Taxable Wage Base
Maximum amount of earnings subject to payroll tax.		 2022 2021
$147,000 $142,800

For more information, please contact us:

]]> Pension Plan Specialists Launches New Website and Corporate Imaging https://pensionplanspecialists.com/2021/09/02/pension-plan-specialists-launches-new-website-and-corporate-imaging/ Thu, 02 Sep 2021 15:27:54 +0000 https://tgn.fmy.mybluehost.me/?p=1493 .avia-image-container.av-kt33kj4q-c8bf17a28da3c68f458d7b4757958010 img.avia_image{ box-shadow:none; } .avia-image-container.av-kt33kj4q-c8bf17a28da3c68f458d7b4757958010 .av-image-caption-overlay-center{ color:#ffffff; }

PRESS RELEASE

Sept 7, 2021

For Immediate Release

PENSION PLAN SPECIALISTS LAUNCHES NEW WEBSITE AND CORPORATE IMAGING

NATIONAL – Pension Plan Specialists, PC of Vancouver Washington is pleased to announce that after nearly a year of development and planning it has launched its new corporate brand identity, redesigned logo and new company website. These changes come at a time when the company continues to expand its business and solidify itself as a leader in the retirement plan industry. 

“We have continued to grow over the more than 30 years that we have been in business, and this felt like the right time to bring forward change to our imaging and our message to our clients and business partners – showing them that we are looking ahead and moving forward,” said Joe Burt, President and Owner of Pension Plan Specialists. “We wanted to bring a new clarity to our web presence, while offering a clean and easy design, and we wanted our logo to reflect that as well. Our message to our clients has always been that we offer “The expertise you need. The attention you deserve,” but we realize that in today’s world creativity is important, so we have updated our message to be – “The EXPERTISE you need. The ATTENTION you deserve. The CREATIVITY you want.” This reflects our customer focus and is our mantra for service.”

Designed to work effortlessly across digital and physical channels, the new logo evokes the simple beauty of the mountains and trees that Pension Plan Specialists home state of Washington is famous for. In addition, the mountains evoke the long standing message of the company that they are there to help their clients climb the mountain to retirement success. The thin lines represent the difficult path that those goals can follow, while the trees represent long term growth and stability.

The updated corporate website was introduced at www.pensionplanspecialists.com to reflect the new brand identity and showcase the company’s advantages and competitive strengths. The newly-redesigned website features easy-to-navigate pages and updated, simplified messaging. The visual design showcases and celebrates inspirational destinations around the company’s home state, while the layout is structured to provide a seamless user experience.  Pension Plan Specialists would like to encourage everyone to explore the new site.

About Pension Plan Specialists, PC

Pension Plan Specialists is a full service third party administration (TPA) firm based in Vancouver, Washington and was formed in 2008. At that time, its current owner and President Joseph Burt purchased a local Public Accounting firm that was started in 1987 and had transitioned its business to doing 401(k) audits and then eventually Retirement Plan Administration. Joe saw the potential for the company and its clients and PPS came into being. Since its inception over 30 years ago, PPS has worked hard to earn the trust and confidence of its clients.

Website:

www.PensionPlanSpecialists.com

For more information, contact:

Joseph Burt, President

[email protected]

]]> PPS Joins Cerrado Group https://pensionplanspecialists.com/2021/05/20/pps-joins-cerrado-group/ Thu, 20 May 2021 22:00:47 +0000 https://tgn.fmy.mybluehost.me/?p=1366 .avia-section.av-9j5upi-f723bfa8e8a37cd55185a94f43fe8b5b{ background-repeat:no-repeat; background-image:url(https://pensionplanspecialists.com/wp-content/uploads/2021/04/olympic-national-forest.jpg); background-position:50% 50%; background-attachment:scroll; } .avia-section.av-9j5upi-f723bfa8e8a37cd55185a94f43fe8b5b .av-section-color-overlay{ opacity:0.3; background-color:#000000; }

PPS Joins the Cerrado Group

Pension Plan Specialists is pleased to announce that we are now part of The Cerrado Group. We are a founding member firm that has helped form this trade association. As a Consulting Firm/TPA, we have joined together with some of the best TPAs in the country to share our knowledge for our clients and our industry, but still maintain our independent ownership! Follow this link to see the full press release –

Cerrado Group Press Release

You can also read the announcement article on the 401k Specialist Magazine website –

Deep Trust, Knowledge, Experience Drives Innovative TPA Model

]]> Sponsor Solution Series https://pensionplanspecialists.com/2021/05/20/1362/ Thu, 20 May 2021 21:58:36 +0000 https://tgn.fmy.mybluehost.me/?p=1362 .avia-section.av-koxflrat-8033477fb9dc76cee5976e4520a614df{ background-repeat:no-repeat; background-image:url(https://pensionplanspecialists.com/wp-content/uploads/2021/04/olympic-national-forest.jpg); background-position:50% 50%; background-attachment:scroll; } .avia-section.av-koxflrat-8033477fb9dc76cee5976e4520a614df .av-section-color-overlay{ opacity:0.3; background-color:#000000; }

Sponsor Solution Series

In a complex and ever changing regulatory environment it’s difficult to know what to pay attention to when it comes to your retirement plan. As the plan sponsor, there may be existing plan design enhancements, fiduciary solutions, and the Plan efficiencies you may not be aware of. In an effort to provide the confidence you need to offer your participants a tremendous benefit and insure the Plan remains compliant, Pension Plan Specialists has created the Sponsor Solutions Series. We believe this event will address many of the ongoing concerns, frequently asked questions, and common mistakes we encounter on a daily basis.

SSS will be held this fall so keep an eye out for your invitation coming soon!

Get in touch
]]> Broker University https://pensionplanspecialists.com/2021/05/20/broker-university/ Thu, 20 May 2021 21:51:06 +0000 https://tgn.fmy.mybluehost.me/?p=1353 .avia-section.av-7imecp-0f271b945632a3689ef4328858d61620{ background-repeat:no-repeat; background-image:url(https://pensionplanspecialists.com/wp-content/uploads/2021/04/olympic-national-forest.jpg); background-position:50% 50%; background-attachment:scroll; } .avia-section.av-7imecp-0f271b945632a3689ef4328858d61620 .av-section-color-overlay{ opacity:0.3; background-color:#000000; }

Broker University

Broker U was developed for the advisor determined to increase their understanding of the qualified retirement plan business. Within this industry, we discovered multiple gaps in plan education, technical solutions, strategies, ideas and concepts. Few Resources exist to support an advisor in further developing their practice while positioning themselves confidently. We believe Broker U is the solution! We are convinced it will increase your understanding, and change the way you do business. Broker U is a completely different approach to a complex and constantly changing industry. Come join us and take the next step toward the summit of success!

Get in touch
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