Take action to verify compliance with 2018 maximum contribution limits for your plan participants before year’s end. Annual contribution limits Cooperatives sponsoring tax-exempt or governmental deferred compensation 457(b) plans for employees or for directors need to limit salary deferrals to $18,500[…]
The Internal Revenue Code (IRC) requires plan participants to receive a certain portion of their deferred compensation 457(b) Plan accounts each year based on the life expectancy of the participant (or the joint lives of the participant and beneficiary) when[…]
Plan participants who are no longer working, reached age 70½ in 2017, and chose to delay their first payment until 2018, must take their initial required minimum distribution (RMD) by April 1. Participants who are required to but do not[…]
The Tax Cuts and Jobs Act was signed into law on December 22, 2017. Provisions of the law change tax withholding rates and income tax brackets which affect lump sum payments from nonqualified retirement plans starting in 2018. These changes[…]
As we near the end of the year, there are two important reminders for individuals participating in Deferred Compensation 457(b) Plans. Required minimum distributions for 2017 Don’t forget, required minimum distributions (RMD) must be withdrawn by December 31 for the 2017[…]