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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

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Mutual News
  • MutualFirst Financial, Inc. Declares 20% Increase in Dividend

    Muncie, Indiana – MutualFirst Financial, Inc....

    Monday, February 23, 2015

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Mutual Blog

Proactive Steps to Take in Light of Anthem Data Breach

Chances are you are a person who has Anthem insurance coverage or you know someone who does. As a result, either you or your friend has a reason to be concerned.

A typical data breach includes a compromise of debit card numbers or partial personal identifying information. This kind of breach, though inconvenient, can typically be ‘fixed’. An initial investigation indicates that the Anthem breach includes a compromise of name, birthday and/or social security number. This kind of information is all one needs to steal someone’s identity.

According to Anthem this particular breach could affect up to 80 million people. Instead of trying to ignore this has happened or just being upset, it’s now time for you to be educated and try to protect yourself as best as you can. We have some tips that will help you accomplish that.


1. Review Your Statements


First, take a moment each month to view your eStatement or monthly statement. You can monitor your accounts throughout the month with Online Banking and the MutualBank App. Monitoring your accounts will give you the quickest opportunity to see if your accounts have been compromised. If you notice any transactions that are unfamiliar or questionable, please get in touch with your MutualBanker. Call us at 800-382-8031.


2. Be Cautious with Any Anthem Emails You Receive


Next, if you receive an email stating it is from Anthem, be cautious. Anthem’s website warns customers not to reply with information, click any links or open any attachments within the email. Anthem is not calling their customers and will not ask for information. Never give your credit card information, social security number, or other sensitive information to someone via email or over the phone.


3. Consider Freezing Your Credit


If you are a resident in Indiana, the Attorney General’s office website (http://www.in.gov/attorneygeneral/2853.htm) is offering and encouraging you to sign up for a free credit freeze with each of the three credit bureaus. A credit freeze places a hold on your credit where a new line of credit could not be obtained without you unfreezing your credit. This doesn’t affect already open credit lines like an existing credit card, yet helps to protect you against someone opening new lines of credit in your name.


4. Keep in the Know


Finally, try to keep in the loop on the Anthem Breach. The best source for current information about this breach can be found at Anthem’s Frequently Asked Questions. (http://www.anthemfacts.com/faq)

MutualBank is here to help inform you of ways to help protect against identity theft. Thank you for trusting us.

Sunday, February 15, 2015

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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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