Blue Ridge ESOP Associates is a proud sponsor of this webinar which will be hosted by the National Center for Employee Ownership (NCEO) and led by Blue Ridge professionals.

Blue Ridge ESOP Associates is a proud sponsor of this webinar which will be hosted by the National Center for Employee Ownership (NCEO) and led by Blue Ridge professionals.

Blue Ridge ESOP Associates is committed to staying active in the ESOP Community. We are proud to be a Platinum Sponsor for this year's Employee Owned Conference, sponsored by the ESOP Association, which is coming up on November9-11. Several of our employees will be doing presentations and attending this conference.

When comparing ESOP benefit levels there is variance across all ESOP companies and even within the same ESOP company from year to year. This article is intended to highlight the key factors that contribute to benefit levels and provide reasoning for the variance.

My administrator just informed me that we have exceeded 415 limits, but I know for a fact our contribution for the year is under the maximum 404 limit. What gives? Let’s look at the difference between Internal Revenue Code (IRC) 404 - Deduction of Employer Contributions and IRC – 415 Maximum Annual Additions.

(Section415)*Prior to recent IRS announcements, Plan Sponsors were facing the task of amending their ESOP and 401(k) documents before the end of the 2022 plan year for certain mandatory changes and/or optional changes enacted as part of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) and the Coronavirus Aid Relief and Economic Security Act of 2020 (CARES) – together the “Acts”. IRS Notices 2022-33 and 2022-45 announced an extension to amend until December 31, 2025.

BLUE RIDGE ESOP ASSOCIATES ACQUIRES CROWE LLP ESOP BUSINESS

Crowe Employee Stock Ownership Plan (ESOP) and certain tax-related 401(k) Plan services
will transition to Blue Ridge