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In the News: Employee Retires After 60 Years of Employment

  
  
  

Builders Supply Co. of Petersburg, Inc. (Petersburg, VA)

Career spans decades discusses how an employee of Builders Supply Co. of Petersburg, Inc., a Virginia building materials dealer that has had an ESOP in Existence for At Least 25 Years, has recently retired:

Martin decided to retire earlier this month after more than six decades with the same company. "I had to make some room to give the youngsters a chance," he said laughing.

But to Martin, retirement does not mean relaxation. He comes in every day to help his former colleagues for five or more hours. And he still holds stock in the company that he plans to sell in five years to invest in other stock.

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2012 IRS Pension Plan Limits

401(k) Deferral Limit - $17,000

Annual Additions Limit - $50,000

Maximum Compensation Limit - $250,000

Catch-Up Contribution Limit - $5,500

Highly Compensated Employee - $115,000

ESOP 5-Year Distribution Threshold - $1,015,000

ESOP Additional Year Threshold - $200,000

2012 Pension Plan Limits

1989 - 2012 Plan Limits