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Message Boards Digest

October 24, 2022

Here are the most recently added topics on the BenefitsLink Message Boards:

Lois Baker created a topic in Retirement Plans in General

IRS Releases 2023 Retirement Plan Limits

"IRS Notice 2022-55, published at noon today (Friday, October 20)

https://www.irs.gov/pub/irs-drop/n-22-55.pdf

  • Effective January 1, 2023, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $245,000 to $265,000....
  • The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2023 from $61,000 to $66,000....
  • The limitation under section 402(g)(1) on the exclusion for elective deferrals described in section 402(g)(3) is increased from $20,500 to $22,500.
  • The annual compensation limit under sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) is increased from $305,000 to $330,000.
  • The dollar limitation under section 416(i)(1)(A)(i) concerning the definition of “key employee” in a top-heavy plan is increased from $200,000 to $215,000....
  • The limitation used in the definition of “highly compensated employee” under section 414(q)(1)(B) is increased from $135,000 to $150,000.
  • The dollar limitation under section 414(v)(2)(B)(i) for catch-up contributions to an applicable employer plan other than a plan described in section 401(k)(11) or section 408(p) for individuals aged 50 or over is increased from $6,500 to $7,500."
No replies yet   |    Click Here to Add a Reply

Sarah73 created a topic in 401(k) Plans

Matching Contributions Made by Payroll Period But Employee Has Maxed Out Deferrals

"The plan set up by payroll match, but the employee max out earlier of the year, is that wrong to keep allocation match to employee even though there are no employee contributions in later payrolls? Match is immediately vested and the plan is not a safe harbor plan."

2 replies so far   |    Click Here to Add a Reply

Sarah73 created a topic in 401(k) Plans

Split Between Pretax and Roth When Employee About to Max Out

"An employee's deferrals are about to hit the 402(g) limit. Let's say he contributed $20k, and still has $500 left. His original contribution percentage is 10% pretax and 5% Roth. Either a 10% pretax or a 5% Roth contribution will be over $500. How should payroll split this $500? Weighted average? Evenly?"

2 replies so far   |    Click Here to Add a Reply

Lou81 created a topic in Qualified Domestic Relations Orders (QDROs)

Distribution to Terminated Employee Who Says a QDRO Is Coming But Wants Distribution Now

"I have a terminated participant that we sent distribution instructions. Back in June he called with questions. During the phone call he indicated that he was divorced and his former spouse was entitled to part of his 401(k) account. He stated the former spouse was supposedly having her attorney prepare the QDRO. As of today we have not received a QDRO. However the terminated participant has requested his distribution (online). The plan does not require spousal consent. Do we hold off on processing the distribution since the participant did indicate his former spouse was entitled to a benefit? Or do we process the distribution?"

3 replies so far   |    Click Here to Add a Reply

ratherbereading created a topic in 401(k) Plans

RMDs for Off-Calendar Plan Years

"Plan year end is 9/30/2022. Are RMDs done based on 12/31/2021 balance, or on the 9/30/2021 balance?"

3 replies so far   |    Click Here to Add a Reply

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