Easily Hide Comments to the Deferred Compensation Plan

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How to Hide Comments to the Deferred Compensation Plan

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hi were here today with Brian Weldon audit manager with Baker Tilley he was also the author of the summer 2017 employee benefits plans piece in the Pennsylvania CPA Journal titled deferred compensation plan errors and how to correct them so its good to be able to have this opportunity to go a little deeper on the column for people who enjoyed it so thanks for being with us sure well Im glad to be here absolutely now the first question that we have and if this will be sort of a broader type question before we go a little deeper I mean if you discover that youve made an error with your deferred compensation plan how important is it for you to act urgently to correct it Id say its very important the thing to remember and the recurring theme throughout the article and this interview is that were talking about peoples money for retirement which is a pretty hot topic for anyone who has money saved for retirement and the employee retirement income savings Act of 1974 ERISA was establi

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What is the catch up contribution limit for 457?

The maximum annual contribution limit for 457(b) plans is $22,500 for 2023 (or 100% of gross annual compensation, if less). Cost of living adjustments may allow for additional increases to these limits in increments of $500 per year.

How can I avoid paying taxes on a 457 withdrawal?

Earnings accumulate on a tax-deferred basis, and distributions are tax-free if made five years after the initial contribution to the plan and the employee is over 59.

Are deferred compensation plans a good idea?

Tax advantages You can take advantage of reducing your present taxable income and scheduling your distributions to arrive in lower tax bracket years. Not only do you benefit from deferring income taxes until later, but the money youve socked away in your deferred compensation plan grows tax-deferred as well.

What is the downside of deferred compensation?

Unlike a 401(k), your deferred compensation account is not yours; it is the property of your employer and is subject to potential loss. If the company goes bankrupt or cannot pay its bills, you may lose the compensation you deferred.

What is the catch up for 457 deferred compensation plan?

Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of: the elective deferral limit ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).

What is the maximum catch up for deferred comp?

The maximum annual contribution allowed under the IRC catch- up provision is double the normal contribution limit. In 2023, the maximum normal contribution is $22,500; thus, Special Three-Year Catch-Up contributions may total as much as $45,000 each year depending on how much you under contributed in prior years.

What is the 3 year catch up rule?

The 3-Year Catchup provision allows employees who are close to retirement to make contributions up to twice the regular contribution limit.

What is the over 50 catch up 457 for 2023?

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal governments Thrift Savings Plan is increased to $7,500, up from $6,500.

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