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
One of your most important responsibilities is to ensure that your plan documents are updated as required by law and are consistent with the way the plan is actually being administered. Plan documents include, but are not limited to, the plan document, trust document, summary plan description (SPD), and loan documents. While your review of the plan documents should be an ongoing process, you generally need to make sure that any amendments or restatements are executed by the last day of the plan year if you intend for them to be effective for that plan year. You should start by answering the following questions and using your answers as a starting point to a discussion with your ESOP counsel and ESOP advisor:
There were many additional changes and opportunities provided by the PPA. The ESOP Law Blog addresses six of the ESOP-related PPA provisions. PPA amendments are generally not due until the last day of the 2009 plan year. The PPA does not distinguish between required and discretionary amendments.
2007 End of Year Checklists discusses a checklist of items for the plan sponsor to address by the end of 2007. If you have a different plan year, some of the due dates will be different.
There may be other requirements and desirable opportunities from prior legislation that should be added to your plan documents. Contact your ESOP counsel or ESOP advisor for more information.
The ESOP Planning process includes planning for both the current year ESOP administration process as well as the various events that take place over the life of an ESOP. This article is one in a series of ESOP Planning articles authored by Aaron Juckett. Aaron Juckett is an ESOP consultant and the founder of ESOP Insourcing LLC.
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