“Cycle 3” Restatement Information In June of 2020, the IRS issued Announcement 2020-07 informing the retirement community that the deadline for employers to adopt a “restatement” of retirement plan documents will be due July 31st, 2022. Here is a list of Frequently Asked Questions to help with the understanding of the restatement period.
On December 20th, 2019 the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. In an effort to keep you informed of these changes, here are a few key takeaways as it relates to the retirement plan industry.
On March 27th, 2020 the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. Here are the key takeaways on this stimulus package and how it relates to retirement plans.
|401(k) Deferrals (Pre-Tax and Roth combined)||$19,500||$19,500||$19,000|
|Maximum Contributions – (Does not include Catch-Up Contributions)||$58,000||$57,000||$56,000|
|Highly Compensated Employee||$130,000||$130,000||$125,000|
|Key Employee – Officer||$185,000||$185,000||$180,000|
|Social Security Wage Base||$142,800||$137,700||$132,900|
|Medicare Wage Base||Unlimited||Unlimited||Unlimited|
|Catch-Up Contributions (Additional 401(k) Deferrals for those 50 and over)||$6,500||$6,500||$6,000|
“Please know it’s been a pleasure working with you and I’ve always appreciated your advice, patient counsel and prompt replies to my questions, when needed. Knowing you were there to help made being the plan sponsor so much easier. I’ve always strived to have the best plan design for our employees and NAI has helped me accomplish that goal from the beginning – thank you! We couldn’t ask for a finer plan administrator.”- Retiring Plan Sponsor
“Our working relationship with you and your company these past few years has been the best and there has always been good open communication both ways, which I really appreciate. I am happy to have NAI as a resource, a solution for our field, industry friend and I know our Advisors and their clients will be served in a fair and honest manner with good results. I am thankful NAI has and will be there for us.”- Broker Dealer Relationship
“Each time I work with members of NAI the more convicted I am about wanting to use you guys moving forward--just excellent client service, so thanks!”- Chad A…Advisor
“I wanted to first thank you for the great service and communication you are always providing to our joint clients!! I talked to one of them yesterday and they are VERY happy with your services. They feel no matter how many times in one day they have to call you to clarify something, you are always kind and ready to help her.”- Dave B… Advisor
“Thanks for all your help with these 401(k) Plans! You guys have been a blessing and I appreciate all you do! And I’m sorry for never telling you so! You’re terrific and I know my clients that use your services feel the same!”- Chris L…Advisor
“This is the happiest I have ever been with our 401(k) Plan. Thank you for all your hard work and great customer service.”- Sue W… Client
“I feel like I’m your only client.”- Cindy K…Client
“National Administration Inc. has been valuable support for our Team, regarding plan changes and Administrative issues.”- Charles E… Client
“I have also told him how happy I have been with everyone at NAI. So let me give a big thank you to everyone who makes my job so much easier”- Carol B… Client
“Wow…Faster than Jimmy John’s!”- Sue W… Client
“To All at NAI, Thank You for all the Help. Could not have made it through the year without any of you.”- Thomas M… Client
“You’re amazing at NAI. I appreciate the way you spear-headed all the questions asked regarding a merger. You were instrumental in helping me ask the right questions so that we can determine how to handle this merger correctly.”- Steve K…Client
“As always, you are the beacon of light in this subject matter that keeps me from taking that big step off a short ledge.”- Gary F… Client
“I just have to say, you have been great to work with!!! I wish working with other TPA’s would be as easy as working with you!! Thanks again!”- Competitor TPA
“Thanks for the quick response. You’ve been awesome to work with. Highly recommended.”- Luke C…Advisor
“We made it through another year of all the filings and analysis and hit all of our internal deadlines. This was due to the outstanding support we received (again) from your team – Julie, Hillary, and some people I am probably missing. Questions get answered completely and in language everyone can understand. Email responses are very quick (which is more than I can say for my email responses to your people….).”
"Thanks again, it is an absolute pleasure dealing with NAI. We are having a great run, but we are all moving at 1000 miles per hour, and it is made easier by knowing your team will help make sure the details don’t get overlooked. "
"Really, really happy having your team looking out for us."- Client