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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IRS Issue Snapshot: 403(b) Plans -- Catch-Up Contributions
Internal Revenue Service [IRS] [Guidance Overview] May 7, 2020 "Audit Tips: [1] Review the Forms W-2 to determine if any employee has exceeded the basic IRC Section 402(g) limit. This indicates that the employee made catch-up contributions. [2] Determine if the plan document permits the age 50 catch-up or the special 403(b) catch-up contributions. For plans that permit both types, make sure the contributions are applied to the limits in the proper order. [3] Verify that the qualified organization keeps the records necessary to calculate the special 403(b) catch-up and that the calculations are accurate." |
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