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.
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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:
https://quote.colonialsurety.com/login/register_plan_sponsor?ref=PA0320
You may also contact them at (888) 383-3313.
Useful Resources
Recent Updates
The IRS has set the retirement plan limits for the 2024 plan year with the release of IRS Notice 2023-75
Additional limits and limits for prior years can be found on the IRS website
| Retirement Plan Limits | ||
| 2023 | 2024 | |
| Deferral Limit [402(g)(1)] | $22,500 | $23,000 |
| Catch-up Contribution Limits [414(v)(2)(B)(i)] | $7,500 | $7,500 |
| DC Annual Addition Limit [415(c)(1)(A)] | $66,000 | $69,000 |
| Annual Compensation Cap [401(a)(17)] | $330,000 | $345,000 |
| Taxable Wage Base | $160,200 | $168,600 |
| DB Annual Limit [415(b)(1)(A)] | $265,000 | $275,000 |
| 457(b) Contribution Limit [457(e)(15)] | $22,500 | $23,000 |
| HCE Threshold [414(q)(1)(B)] | $150,000 | $155,000 |
| SIMPLE 401(k) Limit [408(p)(2)(E)] | $15,500 | $16,000 |
| SIMPLE 401(k) Catch-up [414(v)(2)(B)(ii)] | $3,500 | $3,500 |
| Maximum ESOP Account Balance [409(o)(1)(C)] | $1,330,000 | $1,380,000 |
| ESOP 5-year Distribution Period Limit | $265,000 | $275,000 |
| Key Employee [416(i)(1)(A)(i)] | $215,000 | $220,000 |