Guest 4sachmo Posted June 26, 2001 Posted June 26, 2001 Is it common for outdated social security wage base amounts and IRS annual compensation limits to be referenced in SPD's with respect to how partipant's plan contributions are calculated? I have an SPD that uses 1999 amounts in their description of how my Plan's contribution is calculated. Is a notation that "social security wage base and federal limits are adjusted periodically for inflation" sufficient?
david rigby Posted June 26, 2001 Posted June 26, 2001 I think it is very common. BTW, an SPD must be reissued every 5 years if there are significant changes, or every 10 years even if there are no changes. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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