RTD Financial Advisors
Hochheiser Deutsch & Co, Inc.
Kentucky Trust Company
Loren D. Stark Company
Retirement Plan Consultants
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Farmer & Betts, Inc.
Plumbers Local Union No. 1 Benefit Funds
ERISA Services, Inc.
EPIC Retirement Plan Services
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|Should the 15-Year 403(b) Catch-Up Election Be Eliminated?|
PLANSPONSOR; free registration may be required
June 30, 2015
"[T]he election is among the most difficult to calculate in the defined contribution arena, requiring contribution data for the entire working career of an individual employee.... 15-year catch-up calculations are one of the primary issues identified in IRS audits, and lack of compliance appears to be widespread; and ... legitimate utilization of the election is often low ... [M]ore and more plan sponsors who previously permitted the 15-year catch-up election have simply decided to eliminate it ... [It] is indeed an elective, and not a mandatory, plan provision, so it may be eliminated via plan amendment[.]"
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