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Showing results for tags 'limits'.
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limits SIMPLE IRA and SIMPLE 401k Catchup Limits
Renier posted a topic in SEP, SARSEP and SIMPLE Plans
The employee contribution limits for SIMPLE IRA and SIMPLE 401k is currently - $13,000 for Employee Contributions and an additional $3,000 for employees over 50 years of age. Does anybody know whether this limit applies individually to Simple IRA and Simple 401k or combined. Example is if the employee is over 50 and contributes to both Simple Ira and Simple 401k in the same year. Is the overall limit still $16,000? -
The IRS sets FSA and HSA limits based on calendar year. Our benefit year is 10/1 to 9/30. Can we setup our plans so the limits follow the benefit year rather than the calendar year? I've not seen this done but have been told that our legal department has approved this process so long as we stay consistent.
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When calculatiing the maximum benefit a participant can recieve when a Cash Balance plan has an offset feature, is the maximum benefit (the 415 limit say $2.6 Million) before or after the offset? If the Offsetting profit sharing plan for example has $2 million. Is the lump sum beneif only $600k or is it still $2.6 million, which would make the full benefit $4.6 Million? Thanks
