Newsletter Articles
We are pleased to provide periodically published industry articles that cover topics which may affect the operation and administration of your retirement plan.
Give them a read and let us know if you have questions about how the information may apply to your situation.
Ready for a TPA Who Solves Problems, Not Just Points Them Out?
At The Pension Source, we’re more than just a service provider we’re your partner in retirement plan success. With decades of experience, a fanatical attention to detail, and a commitment to clear communication, we proactively manage your plan’s needs so you don’t have to chase down answers. Our clients value us for being responsive, knowledgeable, and genuinely easy to work with.
Are You on Track for Year-End Deadlines?
We’re nearing the halfway point of the year—an ideal time to start planning for critical year-end retirement plan deadlines. Staying proactive now can help you avoid the last-minute rush and ensure compliance with key requirements like nondiscrimination testing, contribution deadlines, and plan notices. Our team is here to help you map out the second half of the year with confidence. Let’s get ahead—before the busy season hits.
Secure 2.0 Reminders for 2025
As we begin 2025, a couple reminders about some changes under SECURE 2.0 that may be top of mind…
The Gift That Keeps Giving: Secure 2.0!
Effective January 1, 2025, plans may permit participants aged 60-63 to make catch-up contributions over the regular catch-up limit.
Plans have long been permitted to offer participants age 50 and older the opportunity to make catch-up contributions that exceed the general statutory limit on elective deferrals. For 2024, for example, a participant aged 50 or older could make an annual catch-up contribution of up to $7,500 over the general annual deferral limit of $23,000.
Upcoming Compliance Deadlines for Calendar-Year Plans
December 1st Participant Notices – Annual notices due for Safe Harbor elections (note that some plans are no longer required to distribute Safe Harbor notices), Qualified Default Investment Arrangement (QDIA), and Automatic Contribution Arrangements (EACA or QACA)....
RMD Reminder
Required Minimum Distributions (RMD) should be paid by December 31 each year to participants who have reached age 73. However, a participant may elect to delay their first distribution until April 1 of the following year. If the first distribution is delayed, two distributions will be paid in the same year. The plan document may allow participants who are currently employed to delay distributions until termination of employment, although participants who own more than 5% of the company that sponsors the plan are required to take their RMD regardless of employment status.
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