With the release of IRS Notice 2022-55, the IRS has set the retirement plan limits for the 2023 plan year. On October 21, 2022, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations (“COLA Limits”) for pension plans and other retirement-related items for the tax year 2023.
401k & Retirement Plan Limits for the Tax Year 2022
On November 4, 2021, the Internal Revenue Service announced that employees in 401k plans will be able to contribute up to $20,500 next year. The IRS announced this and other changes in Notice 2021-61. This guidance provides cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.
As a “non-producing” consulting firm, we have made the business decision to sell no investments or product. This has enabled us, in addition to plan design and TPA services, to develop a significant consulting practice based on our objective analysis. We focus on assisting private and public retirement plans with their fiduciary compliance. Benefit Plans Plus works with a number of retirement plan and mutual fund vendors including:
Payroll Company Partners
DCIO: Defined Contribution Investment Only Alliance Partners
DCIOs offer great tools and retirement plan insights to grow your business. Please contact your territory representatives to learn more about what they have to offer.
We believe that working together with our Financial Advisor partners helps us grow our business. In light of that, we are excited to be the exclusive source of the 401(k) Sales Champion Workshop for Financial Advisors in St. Louis, MO, Kansas City, MO, and Southern Illinois.
If you would like to gain FREE 24 hour access or learn more about the 401(k) Sales Champion Workshop, please complete the form near the bottom of our Contact page.
Whether you are new to the qualified plan arena or have a solid book of business with us, we value our Advisor partners and look forward to helping you grow your business practice by assisting you in closing more business!