Aaron Juckett President CPA, CPC, QPA, QKA ESOP Partners LLC Phone: 920-659-6000 Toll Free: 800-837-3112 Direct: 920-659-6002 Fax: 866-337-1095 AJuckett@ESOPPartners.comESOPPartners.com OneStopESOPBlog.com
The 113th Congress
The 112th Congress
The 111th Congress
401(k) Deferral Limit - $18,000
Annual Additions Limit - $53,000
Maximum Compensation Limit - $265,000
Catch-Up Contribution Limit - $6,000
Highly Compensated Employee - $120,000
ESOP 5-Year Distribution Threshold - $1,070,000
ESOP Additional Year Threshold - $210,000
2015 Pension Plan Limits
2014 Pension Plan Limits
1989 - 2013 Plan Limits
The IRS has announced the 2015 pension plan limits, including the following:
The end of the year is approaching. Here is a list of items to make sure you have addressed before the end of the year.
The Cycle C2 submission deadline for an ESOP Determination Letter is January 31, 2014. Here is a quick review of the process.
Congress has passed over 100 major pieces of employee benefit legislation since ERISA. Chronological Summary of Major Post-ERISA Benefit Legislation provides a summary of the major employee benefits legislation:
The IRS has announced the 2014 pension plan limits, including the following:
Our most recent Update on FASB ESOP Disclosure Requirements Effective in 2012 discussed the April 10, 2013 FASB board meeting and the decision to defer the regulations indefinitely.
Historically the financial reporting requirements for ESOP companies have been have been limited to the requirements of SOP 93-6. FASB adopted ASU 2011-04 to develop common fair market value requirements in accordance with GAAP and IFRSs.
Uncertainty for ESOP companies contemplating Converting from C Corporation to S Corporation continues. One of the factors in considering a change is that assets sold within a period after the conversion from a C Corporation to an S Corporation may be subject to the IRC Section 1374 – Built-In Gains (BIG) Tax. The holding period or “recognition period” depends on the year of the disposal of assets.
The IRS has announced the 2013 pension plan limits, including the following:
You may have an ESOP or work with a company where the employer has suspended contributions to the plan. While an employer is not required to contribute to a plan each year, contributions must be recurring and substantial. To the extent the ESOP has “complete discontinuance” of contributions, the plan is treated as terminated for vesting purposes and affected employees must become 100% vested, as stated in IRC Section 411(d)(3).
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