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2016 contribution limits
The elective deferral limit remains at $18,000 and age 50 or older catch-up contributions stay at $6,000 for 2016. Click here for details.
Up-to-date employee census data needed to properly administer your plan
Whether it’s mailing welcome letters to new employees, processing contributions, or approving transactions, having up-to-date employee census data helps keep your plan compliant. Census data also plays a key role in compliance activities such as distributing IRS-required 403(b) annual meaningful notices to your employees.
We highly recommend that you send us updated census data—e.g., new hires, rehires, updates to employee addresses, termination dates (as applicable)—at least monthly. You can easily and securely upload this information to us through the plan sponsor website at www.planconnect.com.
The IRS is getting closer to approving 403(b) plan documents
The IRS is currently reviewing our 403(b) documents along with all others that were submitted during the filing period that ended on April 30, 2015. We expect the IRS will start sending out its comments on these documents sometime during the first quarter of 2016. Note, however, that obtaining final approval from the IRS could easily take much longer. Given such, it could be 2017 before any pre-approved 403(b) plan document is available for adoption. We will keep you posted on developments in this area as they occur.
PlanConnect's participant website is getting a fresh new look
We have heard your feedback and have taken action—the participant and plan sponsor website will soon be mobile device friendly and provide a better user experience with the new layout and navigation. This new look—along with several new features—will make it even easier for you and your plan participants to quickly find information. Having a website that keeps pace with evolving user preferences is just one of the many ways PlanConnect helps you and your employees connect with your plan and focus on retirement savings.
Please contact your Plan Relationship Manager if you have questions regarding any of the items covered above.
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