Once an employer commits to sponsoring a retirement plan, they are faced with many legal and administrative requirements. Our job as a third party administrator is to help you understand these requirements and comply with them. We are providing you with current information regarding funding deadlines, contribution limitations and fiduciary responsibilities to help you with the ongoing education and administration of your retirement plan(s).
Retirement Plan Overview
Saving for retirement takes a lifetime and if planned carefully can help your senior years be worry-free. Saving as much as you can will pay off with lower taxes now and give you a bigger nest egg once you decide to retire. At MGKS, Inc. we understand that each client has differing retirement planning and saving needs. We work with each business owner and their advisors to customize a retirement plan to meet the needs of both income in retirement and current tax savings.
Our newsletter is a quarterly publication helping you keep current with changing tax laws that could impact your retirement plan in addition to sharing available plan designs important deadlines. We also include articles that help participants, business owners and advisors alike better understand the complexities of retirement plans and retirement plan administration.
Plan Sponsors must be aware of numerous deadlines that impact their qualified plan every year. We monitor these deadlines for you and notify you of all applicable deadlines well before they arrive. It is important you be aware of these deadlines and take them seriously. Failure to meet certain funding and filing deadlines, for example, can result in penalties and excise taxes.
It is important to know the plan, plan sponsor, and its participants will be subject to various contribution and funding limitations imposed by the Internal Revenue Code. Section 415 of the Internal Revenue Code, for example, provides dollar limitations on the benefits and contributions allowed for participants in qualified retirement plans. The limits are updated annually. The most recent dollar limitations as set by the Internal Revenue Service can be found here on the IRS website.
Year End Planning
The end of the year can be an important time to look at your existing plan or even setting up a new plan. Click here to listen to one of our partners Henry DeSpain talk about some key issues to consider.
In The News
The retirement industry is constantly evolving and it is important to stay on top of new rules, regulations, and changes to the laws. Additionally, due to the complexity of the literature, it is often times beneficial to be reminded of certain requirements or deadlines. We highlight each month just a few of the recently published articles that we think are worth your time and should be read in order to stay informed.