Pension Admin & Consulting

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Requirement to Restate Your Qualified Retirement Plan Document

By |2022-05-11T19:44:45+00:00May 11th, 2022|News & Events, Pension Admin & Consulting, Press Releases|

If you are an employer who sponsors a qualified retirement plan, we want to remind you about the requirement to restate your plan document.  Many retirement plans that use plan documents preapproved by the Internal Revenue Service (IRS) must be restated periodically to reflect recent legislative and regulatory changes, in order to maintain their tax [...]

2022 IRS Limits on Retirement Plans

By |2021-11-10T14:44:51+00:00November 10th, 2021|News & Events, Pension Admin & Consulting, Press Releases, Social Security|

Highlights: The 401(k) deferral limit increased to $20,500.  The FICA taxable wage base increased to $147,000.  The maximum plan compensation limit increased to $305,000 and the maximum annual addition increased to $61,000. Indexed Plan Limits    2022 2021 Deferral Limits      401(k) Plan or SAR-SEP   $20,500 $19,500      403(b) Plan or 457 Plan 20,500 [...]

Explore the Benefits of SERPs

By |2021-08-18T18:03:29+00:00August 19th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases|

A SERP may sound like a creature from a science fiction movie, but it is actually a popular retirement savings vehicle for the top brass. Typically, the SERP—an acronym for Supplemental Executive Retirement Plan—is used to complement a 401(k) or other qualified plan. It offers generous benefits to a chosen few and enables an employer [...]

How Traditional and Roth IRAs Differ

By |2021-06-17T14:19:23+00:00May 12th, 2021|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

As you probably already know, there are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2020 tax year is May 17, 2021 (extended from April 15, 2021). There are no further extensions even if you obtain the regular “automatic extension” for [...]

IRS Required Retirement Plan Restatements Cycle Opened on August 1

By |2020-08-24T15:14:46+00:00August 24th, 2020|Corporate & Partnership Tax, Pension Admin & Consulting, Press Releases|

Many retirement plans are written using Internal Revenue Service (IRS) pre-approved documents. Pre-approved plans must be restated every six years to update their plan documents to reflect recent legislative and regulatory changes since the previous restatement, to maintain their tax qualified status. The six-year restatement period is known as a “cycle”. The last restatement [...]

You have until August 31 to reverse your 2020 RMD

By |2020-08-11T14:17:38+00:00August 11th, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

We hope by now you probably know that the CARES Act, passed in March, enables taxpayers with a required minimum distribution (RMD) due in 2020 to skip the payment this year. But did you know that you can roll your funds back into your retirement account if you have already taken your RMD this year? You [...]

FAQs on Retirement Plan Loans

By |2020-07-01T14:39:24+00:00July 3rd, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

During these trying times, employees may be forced to take out loans from their 401(k) plans to meet certain financial obligations. Fortunately, the Coronavirus Aid, Relief and Economic Security (CARES) Act provides some relief for borrowers. Following are the answers to several frequently asked questions (FAQs) about retirement plan loans. What are the limits for [...]

COVID-19 Legislative Updates for Plan Administrators

By |2020-04-04T21:38:45+00:00April 4th, 2020|News & Events, Pension Admin & Consulting, Press Releases|

With a new COVID-19 tax law seemingly coming out every couple of days and with guidance on those new laws seemingly being released every few hours, we wanted to keep plan administrators informed of all changes as they stand today.  First though, we want to note that while taxes due April 15, 2020 have been [...]

CARES ACT – Retirement Plan Changes

By |2020-04-08T15:27:48+00:00March 31st, 2020|Corporate & Partnership Tax, News & Events, Pension Admin & Consulting, Press Releases|

The new stimulus bill that was signed on Friday, March 27, 2020, known as the CARES Act is a massive and far ranging $2+ TRILLION bill, so it is probably best for us to break it down by sections or likely impacted group.  This Act may be cited as the “Coronavirus Aid, Relief, and Economic Security [...]

JMF Office and Recent Legislative Updates

By |2020-03-25T23:20:18+00:00March 25th, 2020|Accounting & Auditing, Construction, Corporate & Partnership Tax, Creative, Design, Entrepreneurs, Estate & Trust, Financial Institutions, Fraud, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, SALT, Social Security, Technology, Timber|

Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment.  This remains a fluid situation and we will continue to communicate with you. [...]