KoolLady4 Posted March 3, 2004 Posted March 3, 2004 I received an attorney-drafted newsletter that stated that the individual limitation for fiscal year plans ENDING in 2004 is $41,000 (not counting the catch-up). (example for a plan ending 2/29/04 Normally this limitation would be used for plans BEGINNING in 2004. Does anyone have any more info?
Guest Bob K Posted March 3, 2004 Posted March 3, 2004 Yes, that is correct. See Regulation 1.415-6(a)(2). The increase in limitation amounts applies to limitation years that END in the calendar year. Hope this helps. Bob
Guest sritts Posted March 3, 2004 Posted March 3, 2004 The ERISA Outline book, chapter 5, explains the timing of applying the annual additions very well.
Blinky the 3-eyed Fish Posted March 3, 2004 Posted March 3, 2004 It's easy to get confused because the EGTRRA 415 increases applied to limitation years beginning in 2002. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
Guest PAL100759 Posted March 4, 2004 Posted March 4, 2004 You may also want to confirm what your limitation year is. The limitation year (per your plan document) may be calendar even if your plan year is not - one of our plans is set-up that way. PAL
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