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Maximum Limits for Qualified Plans

Ascensus Consulting is an independent third-party administrator that performs required compliance testing and non-discrimination testing for tax qualified defined contribution, defined benefit, and cash balance plans to help ensure that employers are following the rules and laws set forth by the Internal Revenue Service and the Department of Labor.
 
The compliance tests help verify that contributions are being allocated properly and in a timely manner. The non-discrimination tests help ensure that the plan does not discriminate in favor of highly compensated employees.
 
The consequences for employers that are not in compliance, intentionally or not, are severe and could include heavy civil or criminal penalties imposed by the Internal Revenue Service or Department of Labor.
 
The Maximum Limits for Qualified Plans Test limits the amount of annual additions which may be contributed to an individual’s account(s) in all defined contribution plans maintained by the employer in any one year. The limits are related to the cost of living adjustments announced annually by the Internal Revenue Service.
 
Contact us for more information on compliance testing.