Regional Vice President of Sales The Retirement Plan Company
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Bates & Company, Inc.
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Compass
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Text of IRS Notice 2019-59: 2020 Adjusted Limitations (PDF)
Internal Revenue Service [IRS] [Official Guidance] Nov. 6, 2019 "Effective January 1, 2020, the limitation on the annual benefit under a defined benefit plan under Section 415(b)(1)(A) is increased from $225,000 to $230,000.... The limitation for defined contribution plans under Section 415(c)(1)(A) is increased in 2020 from $56,000 to $57,000.... The limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3) is increased from $19,000 to $19,500. The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) is increased from $280,000 to $285,000. The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of 'key employee' in a top-heavy plan is increased from $180,000 to $185,000.... 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 $6,000 to $6,500. " |
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