Recent Posts
News You Can Use: 2024 Cost of Living Adjustments for Retirement Plans
The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2024 (see IRS Notice 2023-75). Most notably, the limitation on annual salary deferrals into a…
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2024 Social Security COLA Set at 3.2% and What It Means The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not,…
Read More4th Quarter Compliance Calendar
With the start of the 4th quarter of the year, there are numerous 401(k) administration retirement plan compliance deadlines on the horizon: October 15 Extended Deadline: Filing tax returns for partnerships Extended Deadline: Contribution deadline for deductibility for calendar-year partnerships…
Read MoreBreaking News: IRS Grants Two-Year Delay in Roth Catch-Up Requirements
Section 603 of the SECURE 2.0 Act added a new requirement that high-income individuals must make their catch-up contributions on a Roth basis for high-income individuals, citing “high-income” as employees with wages exceeding $145,000 paid in the prior calendar year…
Read MoreGet to Know Clinton Adkison, SMA Services 401(k) Administrator
Clinton Adkison just recently celebrated his 1-year anniversary with SMA Services. He has been in Third Party Administration for a few years, and prior to that he was an educator. Clinton hails from the state of Florida and is a…
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