Below is an outline of the newly released 2021 contribution limits, which will take effect on January 1, 2021. There are not many increases in 2021. The key increases are: Annual compensation limit is increased from $285,000 to $290,000 Annual additions limit for defined contribution plans is increased from $57,000 to $58,000 Social Security Wage Base is increased from $137,700 to $142,800 SEP Threshold is increased from $600 to $650 ESOP: Account Balance is increased from

When a business owner decides to start up a 401(k) or some other type of retirement plan, the inevitable question is "who will take care of the planning and administration?" That's a fair question, but Plan Sponsors will be glad to learn that there are firms dedicated to plan administration. Let's take a few moments to explore everything you ever needed to know about Retirement Plan Consultant (RPC). What is a RPC and what do they do? A Retirement Plan Consultant is a comp

By now, you have heard a lot about the retirement account legislation changes that came with the passing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in December 2019. We are focusing on just one of those changes in this article: the increased required minimum distribution (RMD) age for all retirement accounts. Before the SECURE Act, someone with money in a traditional IRA or employer-sponsored retirement plan was required to begin taking withdraw