| Company History |
 |
Administration Specialists Inc. (ASI) was
founded in September 1990. The president is Robert G. Johnson
and vice president is Kristy L. Johnson. The services and
administrative duties of ASI include the following:
- 401(k)
Plan Design
- Enrollment
Materials
- Annual
Report
- Forfeiture
Allocation
- Plan
Documents
- Individualized
Statements
|
- Discrimination Testing
- Monthly Contribution Breakdown
- IRS Returns (Annual 5500)
- Loan Processing and Administration
- Section 125 Cafeteria Plan Administration
- Assist in Employee Eligibility
|
|
Annual Contribution and Benefit Limits for 2010
|
|
|
|
| Defined
Contribution Limit |
$49,000 |
| Defined
Benefit Limit |
$195,000 |
| Maximum
Plan Compensation |
$245,000 |
| 401(k),
SARSEP and 403(b) Salary Deferral Limit |
$16,500 |
|
Age
50+ Catch-Up Deferral Limit |
$5,500 |
| SIMPLE
Retirement Account [401(k) and IRA] deferral limit |
$11,500 |
|
Age
50+ Catch-Up Deferral Limit |
$2,500 |
| Section
457 (EDC) Deferral Limit |
$16,500 |
|
Age
50+ Catch-Up Deferral Limit |
$5,500 |
| SARSEP
Minimum Compensation Limit |
$550 |
| Highly
Compensated Employee Prior Year Income |
$110,000 |
| Key Employee
(Officer) in Top-Heavy Plan |
$160,000 |
| Social
Security Taxable Wage Base — OASDI |
$106,800 |
| Social
Security Taxable Wage Base — Medicare |
Unlimited |
|
Click
here for a printer friendly version.
|
PAYROLL IMPLICATIONS
OF A PROHIBITED TRANSACTION
|
|
Objective: The
purpose of this section is to alert clients who use external
payroll providers that the providers should be contacted to
make sure procedures are in place to avoid prohibited transactions.
If the payroll is done internally, the changes should be discussed
with the appropriate people.
The Department of Labor (DOL) states
that Salary Deferral Contributions must be remitted to your
401(k) plan investment carrier the earlier of 7 business
days after released from payroll or as soon as can be reasonably
segregated from the employer’s general assets.
For any Salary Deferral Contribution
amounts not remitted within the DOL’s time frame, lost
interest is to be calculated and paid to participants. The
company is also subject to a 15% excise tax on the lost interest
amount.
ASI wants to make sure you are aware
of this issue and understand that the DOL is strongly enforcing
this time frame.
|
