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Retirement Plan Services: Contribution Limits for 2013

The maximum contribution limits for 2013 have been established. With the exception of the Catch-up limit ($5,500), all others increased from their respective 2012 levels. This is a great time of year to review your contribution levels to see if you are on target to meet your future financial needs and to take maximum advantage of these tax-deferred programs.  

401k Plan Limits

2013

2012

401k Elective Deferrals

$17,500

$17,000

Annual Defined Contribution Limit

$51,000

$50,000

Annual Compensation Limit

$255,000

$250,000

Catch-Up Contribution Limit

$5,500

$5,500

Highly Compensated Employees

$115,000

$115,000

 

 

Non-401k Related Limits

2013

2012

403(b)/457 Elective Deferrals

$17,500

$17,000

SIMPLE Employee Deferrals

$12,000

$11,500

SIMPLE Catch-Up Deferral 

$2,500

$2,500

SEP Minimum Compensation

$550

$550

SEP Annual Compensation Limit

$255,000

$250,000

Social Security Wage Base 

$113,700

$110,100

 

*From IRS – Qualified Plan Contribution Limits 2012-2013 

In addition to measuring contribution levels, this is also a great time of year to gauge the performance of your investment selections. Is your portfolio performance matching your expectations? Are you adequately diversified? Have your investment selections drifted away from your risk/reward targets? Perhaps, it is time for some financial house cleaning. Reorganize…reallocate…reenergize your retirement plan. The experienced professionals of MutualWealth – Retirement Plan Services can help with your plan, asset and financial target reviews. 

If you are a business owner or are involved in the management of employee benefit programs, we may be a valuable resource for you to consider.

Tom Mohler - Vice President, Retirement Plan Services

Contact a Representative Today

Back to Education Resources

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    Tuesday, April 15, 2014

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Personal Banking Security Measures for the 21st Century

clientuploads/21st-Century-Securitysquare180.pngMany of us are constantly connected to the online world these days. This means that the potential is there for our computers and personal information to be compromised which greatly increases the risk of ID theft and financial fraud to occur. However, by taking some basic precautions you can significantly reduce the risk of your computing environment being compromised. Following these simple guidelines should help your computing environment become more secure:

Keep your computer and software up-to-date

Keep your computers and network equipment secured with the latest software updates and enable automatic updates whenever possible.  This includes updates to third party applications such as Java and Adobe Products.  

Use hard drive encryption

In the event your machine is lost or stolen, drive encryption can prevent others from accessing the data on your hard drive.  The purpose is to encrypt or scramble your data on your machine so that it can only be read with your encryption key.Many operating systems offer drive encryption.  Microsoft offers Bitlocker and Apple has FileVault. There are also other third party encryption offerings.   

Enable your firewall

Think of the firewall to your computer as the fence around your property.  If there were multiple holes cut in the fence, it wouldn’t be very useful at keeping people out.  Firewalls are typically enabled by default on Windows machines, but double check to make sure it’s on.  Here are instructions to do so if you are using Windows 7. Only allow necessary applications inbound access through your firewall. The same principles apply to your network firewall. 

Configure your screensaver

Set an auto-locking screensaver so your account gets locked out after a few minutes.  This is useful if you forget to lock your machine when are away from it. On Windows machines this can usually be done by pressing the “Windows Key” and the “L” button simultaneously.

Make your passwords stronger

The longer and more complex the password, the better.  At least 16 characters with a combination of upper and lowecase letters, numbers, and special characters is a best practice.

Configure your router

Use the strongest wireless security available (currently WPA2-CCMP) with a long and complex password for your wireless network. Disable WPS on your wireless router for greater security.   

 


Think that some secure banking information
of yours has been compromised?

If you suspect that your personal financial information has been compromised, call MutualBank Customer Support at 800-382-8031.


 

Monday, April 7, 2014

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Retirement Plan Services: Contribution Limits for 2013

The maximum contribution limits for 2013 have been established. With the exception of the Catch-up limit ($5,500), all others increased from their respective 2012 levels. This is a great time of year to review your contribution levels to see if you are on target to meet your future financial needs and to take maximum advantage of these tax-deferred programs.  

401k Plan Limits

2013

2012

401k Elective Deferrals

$17,500

$17,000

Annual Defined Contribution Limit

$51,000

$50,000

Annual Compensation Limit

$255,000

$250,000

Catch-Up Contribution Limit

$5,500

$5,500

Highly Compensated Employees

$115,000

$115,000

 

 

Non-401k Related Limits

2013

2012

403(b)/457 Elective Deferrals

$17,500

$17,000

SIMPLE Employee Deferrals

$12,000

$11,500

SIMPLE Catch-Up Deferral 

$2,500

$2,500

SEP Minimum Compensation

$550

$550

SEP Annual Compensation Limit

$255,000

$250,000

Social Security Wage Base 

$113,700

$110,100

 

*From IRS – Qualified Plan Contribution Limits 2012-2013 

In addition to measuring contribution levels, this is also a great time of year to gauge the performance of your investment selections. Is your portfolio performance matching your expectations? Are you adequately diversified? Have your investment selections drifted away from your risk/reward targets? Perhaps, it is time for some financial house cleaning. Reorganize…reallocate…reenergize your retirement plan. The experienced professionals of MutualWealth – Retirement Plan Services can help with your plan, asset and financial target reviews. 

If you are a business owner or are involved in the management of employee benefit programs, we may be a valuable resource for you to consider.

Tom Mohler - Vice President, Retirement Plan Services

Contact a Representative Today

Back to Education Resources

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