On October 23rd, the Internal Revenue Service, IRS, released the 2015 Cost of Living Adjustments, COLAs, which place dollar restrictions on 401(k) plans, pension plans, and other retirement savings vehicles. The prior day, the Social Security Administration, SSA, released a press release containing the 2015 COLAs for Social Security Benefits and Federal Insurance Contributions Act (FICA) tax used to fund Social Security and Medicare. The annual COLAs are based on the cost-of-living index. Many limitations will increase for 2015 because the increase in the cost-of-living index met the statutory thresholds, triggering an adjustment. The 2015 Cost of Living Adjustments are effective January 1, 2015.
Read “2015 Cost of Living Adjustments Announced” on our website to learn the 2015 COLAs pertinent to your plan and access a historical chart of Cost of Living Adjustments over the past five years.
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The October 2014 edition of “Your Trusted Source” featured the following topics:
- The famed “Bond King”, Bill Gross, left PIMCO for Janus Capital Group late last month. How does this move affect investors? What fate lies before PIMCO and the PIMCO Total Return Fund?
- In order to take advantage of the tax benefits of a qualified retirement plan, plans must comply with certain regulations. Who is affected when a plan loses its tax-preferred status?
- President, Keith Kowalczyk, discusses the last round of quantitative easing, QE3, coming to an end. Are we on our way to a “just right” economy?
Check out the October “Your Trusted Source” newsletter for these topics and more.
Trying to find a previous “Your Trusted Source” newsletter? You’ll find it in our archive.
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Ekon Benefits - Your Trusted Partner
Founded in St. Louis, Missouri in 1981, Ekon Benefits has been specializing in the administration and consulting of employer sponsored retirement plans for over 30 years.
We pride ourselves on providing timely, accurate retirement services that are comprehensive and customized to your needs. Our associates are knowledgeable and bring an average of more than 14 years of experience, with extensive experience in all types of qualified plans including Defined Benefit actuarial services, 401(k) recordkeeping and compliance, ESOP accounting, and 403(b) and 457 Plan administration.
The name Ekon Benefits unifies our service lines under a common name and message. Ekon, meaning trust in Polish, speaks to our founder’s ancestry, as well as our goal of being your trusted partner for retirement plan design, administration and consulting.
4940 Washington Boulevard
St. Louis, Missouri 63108
866-871-6356 toll free
Ekon Benefits, your Trusted Partner for Retirement Plan Administration and Consulting