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Administration Specialists Inc. (ASI) was
founded in September 1990. The president is Robert G. Johnson
and vice president is Cammy Domine. The services and
administrative duties of ASI include the following:
- 401(k) Plan Design
- Enrollment Materials
- Annual Report
- Forfeiture Allocation
- Plan Documents
- Individualized Statements
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- Discrimination Testing
- Monthly Contribution Breakdown
- IRS Returns (Annual 5500)
- Loan Processing and Administration
- Section 125 Cafeteria Plan Administration
- Assist in Employee Eligibility
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IRS Announces
Annual Contribution and Benefit Limits for 2024
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The IRS released the 2024 annual benefit
and contribution limits applicable to employee benefit plans.
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| Defined
Contribution Limit |
$69,000 |
| Defined
Benefit Limit |
$275,000 |
| Maximum
Plan Compensation |
$345,000 |
| 401(k),
SEP and 403(b) Salary Deferral Limit |
$23,000 |
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Age 50+ Catch-Up Deferral Limit |
$7,500 |
| SIMPLE
Retirement Account [401(k) and IRA] deferral limit |
$16,000 |
| Age 50+ Catch-Up Deferral Limit |
$3,500 |
| Section
457 (EDC) Deferral Limit |
$23,000 |
| Age 50+ Catch-Up Deferral Limit |
$7,500 |
| Highly
Compensated Employee Prior Year Income |
$155,000 |
| Key Employee
(Officer) in Top-Heavy Plan |
$220,000 |
| Social
Security Taxable Wage Base — OASDI |
$168,600 |
| Social
Security Taxable Wage Base — Medicare |
Unlimited |
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Department of Labor Safe Harbor Contribution Submission Protection
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Under current regulations from the Department of Labor (DOL), Employers with 401(k) Plans must submit employee contributions in one of two ways: firstly, "as soon as possible" is always encouraged. If that is not possible, the latest date accepted for contributions has been a date 15 days past the ending month of which funds were originally withheld from an employees' paycheck. The DOL has often discouraged this latter practice, mainly because of Employers' confusion in guaranteeing a date contributions are submitted could actually make the company liable for lost earnings calculations, and/or penalties.
On January 14, 2010, new rules pertaining to employee salary deferral contributions and loan repayments were passed (this does not include company contributions). With these new regulations, the DOL has identified a clear standard for Employers to follow when submitting contributions by the proper date. Please note, these new rules only pertain to 401(k) Plans with 100 or fewer eligible participants.
Deemed the Safe Harbor option, Employers can now fulfill the "as soon as possible" condition by simply making contributions within 7 business days past the original date in which funds were withheld from employees' check. This new option helps to clarify the proper time frame to employers when making employee 401(k) contributions.
ASI strongly encourages you to utilize this Safe Harbor option when submitting employee contributions and loan repayments. There are no forms or amendments needed to begin taking advantage of the 7 business day regulation.
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