Metro Benefits Newsletter
The Metro Benefits Newsletter is a publication written and edited by our management staff and is designed to keep you clearly informed of current events in the employee benefit plan arena.
Metro News #111
Metro Newsletter #105
Metro Newsletter #104
Our West Virginia office has moved!
Metro Bulletin 2020-2: The CARES Act – Retirement Plan Relief from the COVID Virus
Metro Bulletin 2020-1: The SECURE Act – 10 Things You Should Know
Colonial Surety Bond
ERISA requires that plan assets must be covered against theft and fraud by a fidelity bond. The amount of the bond should be for at least 10% of the plan assets. If you do not currently have fidelity bond coverage, please contact your property/casualty insurance agent to obtain this bond coverage.
If you need assistance in obtaining a bond for your plan you can contact Colonial Surety Company, a national online insurance company that is U.S. Treasury listed and licensed in all states and territories. As experts in all aspects of ERISA regulations, Colonial Surety Company will ensure that you are properly bonded and that your bond is renewed prior to expiration so that your plan remains in compliance.
You can easily obtain an ERISA Fidelity Bond for your plan on Colonial Surety’s secure website:
You may also contact them at (888) 383-3313.
Metro Benefits, Inc. has been voted one of the 2017 Best Places to Work by the Pittsburgh Business Times.
Check out the Pittsburgh Business Times October 27, 2017 Edition to see the full list.
The IRS has set the retirement plan limits for the 2021 plan year with the release of IRS Notice 2020-79
Additional limits and limits for prior years can be found on the IRS website
|Retirement Plan Limits|
|Deferral Limit [402(g)(1)]||$22,500||$20,500|
|Catch-up Contribution Limits [414(v)(2)(B)(i)]||$7,500||$6,500|
|DC Annual Addition Limit [415(c)(1)(A)]||$66,000||$61,000|
|Annual Compensation Cap [401(a)(17)]||$330,000||$305,000|
|Taxable Wage Base||$160,200||$147,000|
|DB Annual Limit [415(b)(1)(A)]||$265,000||$245,000|
|457(b) Contribution Limit [457(e)(15)]||$22,500||$20,500|
|HCE Threshold [414(q)(1)(B)]||$150,000||$135,000|
|SIMPLE 401(k) Limit [408(p)(2)(E)]||$15,500||$14,000|
|SIMPLE 401(k) Catch-up [414(v)(2)(B)(ii)]||$3,500||$3,000|
|Maximum ESOP Account Balance [409(o)(1)(C)]||$1,330,000||$1,230,000|
|ESOP 5-year Distribution Period Limit||$265,000||$245,000|
|Key Employee [416(i)(1)(A)(i)]||$185,000||$185,000|