Posts by rglick@sma.org
SMA Services, Inc., Offers SMArt Solo(k)
SMA Services, Inc., is pleased to offer SMArt Solo(k), a full-scope Qualified Retirement 401(k) Plan, for the solo-business owner: Includes all standard 401(k) features but packaged and affordable for the solo business owners (no W-2 employees, except a spouse) No compliance testing required No 5500 Forms to file (until assets reach $250,000, but we handle that…
Read More1st Quarter Compliance Calendar
With the start of the 1st quarter of the year, there are numerous 401(k) administration retirement plan compliance deadlines on the horizon. Download a PDF of the Q1 2024 Compliance Deadlines If you have questions or would like additional information about these compliance guidelines, please contact DeAnn Spence at dspence@sma.org.
Read MoreNews 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 401(k) or 403(b) plan will increase to $23,000, and the dollar threshold for highly compensated…
Read MoreNews You Can Use
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, it has meaning. So what does it mean? The more modest increase reflects a slowing…
Read MoreONCE YOU MAKE A PLAN, STICK TO IT
4th 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 and S-corporations November 15 Summary Annual Report (SAR) for each qualified plan must be mailed…
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 by the employer sponsoring the plan. Mandatory Roth treatment of catch-up contributions for high income…
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 proud alumnus of Florida State University. He is a true asset here at SMA Services;…
Read MoreGet to Know Ben Satterfield, SMA Services 401(k) Administrator
Ben has been in the 401k industry for more than 10 years and has experience in compliance testing, payroll aggregation, distribution processing, and plan document maintenance. He has been at SMA for almost 2 years and admits he loves it! Ben is a leader among the other administration team and embodies the quality customer service…
Read MoreMeet Kristi Tawney, SMA Services 401(k) Administrator
Kristi Tawney began working in the 401(k) industry at the start of 2020. With the COVID-19 pandemic occurring shortly after, she realized that may not have been the ideal time to change careers, but she has no regrets. “It was the perfect fit for myself and my family, Kristi recalled. “ I originally started with…
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