Leaderboard

follow up to my last post - cpa has advised plan sponsor to adjust the prior year contribution and treat a portion of that as making up the loan payments on a timely basis. The outstanding contribution will be made up timely. Not happy about this though.

I updated Tom's COLA spreadsheet with the actual July 2021 CPI-U, which is the first of the 3 CPI-U figures needed to determine the 2022 dollar limits. The July 2021 CPI-U was 273.003. Based on Tom's spreadsheet, assuming we have exactly 0% inflation in the CPI-U from August 1, 2021 through September 30, 2021, perhaps the 2022 limits might be: Deferral limit: $20,500 (2021 is $19,500) Compensation Limit: $305,000 (2021 is $290,000) DC Annual Addition Limit: $61,000 (2021 is $58,000) DB Benefit Limit: $245,000 (2021 is $230,000) Key Employee: $195,000 (2021 is $185,000) HCE: $135,000 (2021 is $130,000) Unchanged: Catchup Limit: $6,500

Update: The Grumman Pension was separated as per the QDRO! There was a hold-up because of co-ordination and communication issues between the previous plan administrator State Street and the current Fidelity. This site is an amazing resource. Thank you for your sharing of your time & expertise.

Thanks Bill! Yes of course, 3/31 & 6/30, not sure what I was thinking but I actually do know that ;).

Right now it bugs me too!!

Even if the participant might sue for her benefit, shouldn’t a court readily find that it’s reasonable for a plan’s fiduciaries to require information to the extent needed for the fiduciaries to obey public law?