On Thursday, October 19th, the IRS announced new statutory limits for the upcoming 2018 year. The most important changes applicable to retirement plans are outlined below. After holding the line for a couple of years, the IRS increased the employee elective deferral limit (the §402(g) limit) from $18,000 to $18,500, for contributions to 401(k) and […]
The IRS announced yesterday the new limits for 2014. The most important changes applicable to retirement plans are outlined below. The §415(c)(1)(A) limit on total contributions to a defined contribution plan was increased from $51,000 to $52,000. The §415(b)(1)(A) limitation on the annual benefit under a defined benefit pension plan increased from $205,000 to $210,000. […]
The Department of Labor (“DOL”) issued Field Assistance Bulletin (“FAB”) 2013-02 on July 22, 2013, extending the deadline for plan sponsors to make their second round of required 404(a)(5) participant fees disclosures. The 404(a)(5) regulations, effective in 2012, required plan sponsors to provide certain fee disclosure information to participants by August 30, 2012. The regulations […]
As a result of the dreaded fiscal cliff negotiations, on January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012. One of the provisions of this bill was to expand in-plan Roth conversions. These new provisions may appeal to individuals who expect their tax rates to increase or to wealthy individuals who want […]
We are very pleased to announce that effective July 1, 2012, Ann T. Driscoll, CPA has joined the partnership as Principal. Ann has been with the firm since 1999. Prior to joining Caron & Bletzer, Ann served as Finance Manager at Healthsource Preferred, and as Audit Manager at Coopers & Lybrand (now PricewaterhouseCoopers, LLP). While […]
Finally, cost of living adjustment (COLA) figures have moved enough to cause retirement plan contribution limits to rise after remaining the same for three years in a row. On October 20, 2011, the IRS announced the new limits for 2012. The elective deferral (employee contribution) limit increases from $16,500 to $17,000 for 401(k), 403(b) and […]
