{"id":21,"date":"2024-08-05T17:05:57","date_gmt":"2024-08-05T17:05:57","guid":{"rendered":"https:\/\/jimhallinanpension.com\/?page_id=21"},"modified":"2025-12-12T21:51:24","modified_gmt":"2025-12-12T21:51:24","slug":"21-2","status":"publish","type":"page","link":"https:\/\/jimhallinanpension.com\/?page_id=21","title":{"rendered":"Resources"},"content":{"rendered":"

[et_pb_section fb_built=”1″ admin_label=”Blog” _builder_version=”4.27.0″ _module_preset=”default” background_color=”rgba(176,201,226,0.5)” background_enable_image=”off” background_size=”contain” background_position=”top_center” custom_padding=”||||false|false” background_last_edited=”on|tablet” background_size_tablet=”initial” background_position_tablet=”top_center” background_vertical_offset_tablet=”-10%” collapsed=”on” global_colors_info=”{}”][et_pb_row custom_padding_last_edited=”on|tablet” _builder_version=”4.16.0″ _module_preset=”default” custom_margin=”||3vw||false|false” custom_margin_tablet=”||0vw||false|false” custom_margin_phone=”||0vw||false|false” custom_margin_last_edited=”on|tablet” custom_padding=”|50px||50px|true|true” custom_padding_tablet=”|30px||30px|true|true” custom_padding_phone=”|20px||20px|true|true” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.0″ _module_preset=”94fa2ee4-6b60-4d0b-b837-7f0ceae12b87″ header_font=”Montserrat|700|||||||” header_text_color=”#0F1154″ header_font_size=”100px” header_line_height=”110%” text_font_size_tablet=”” text_font_size_phone=”14px” text_font_size_last_edited=”on|phone” header_font_size_tablet=”40px” header_font_size_phone=”24px” header_font_size_last_edited=”on|tablet” header_2_font_size_tablet=”30px” header_2_font_size_phone=”20px” header_2_font_size_last_edited=”off|desktop” global_colors_info=”{}”]<\/p>\n

Resources<\/h1>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row make_equal=”on” _builder_version=”4.16.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16.0″ _module_preset=”default” border_width_bottom=”2px” border_color_bottom=”#E5E5E5″ global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c7c498d6-db77-4021-bb40-6d07e13d832c” header_2_font=”|700|||||||” header_2_text_align=”center” header_2_text_color=”#000000″ header_2_font_size=”40px” header_3_font=”|700|||||||” locked=”off” global_colors_info=”{}”]<\/p>\n

2026 Limits<\/h2>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ make_equal=”on” custom_padding_last_edited=”on|tablet” _builder_version=”4.27.0″ _module_preset=”default” background_color=”#f2a900″ custom_padding=”50px|50px|50px|50px|true|true” custom_padding_tablet=”30px|30px|30px|30px|true|true” custom_padding_phone=”20px|20px|20px|20px|true|true” global_colors_info=”{}”][et_pb_column type=”1_4″ _builder_version=”4.27.0″ _module_preset=”default” custom_padding=”10px|10px|10px|10px|true|true” border_width_all=”1px” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” text_font=”|700|||||||” text_text_color=”#000000″ text_font_size=”24px” height=”75px” global_colors_info=”{}”]<\/p>\n

401(k) Maximum Deferral<\/p>\n

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$24,500<\/h2>\n

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Catch-up for 401(k)<\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font=”|700|||||||” header_2_text_color=”#000000″ header_2_font_size=”28px” global_colors_info=”{}”]<\/p>\n

$8,000<\/h2>\n

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DC Annual Contribution Limit<\/p>\n

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$72,000<\/h2>\n

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Annual Compensation Limit<\/p>\n

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$360,000<\/h2>\n

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FAQs about Cycle 3 or Post-PPA Restatement<\/h3>\n

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What is a plan restatement?<\/b><\/span><\/p>\n

A restatement refers to the complete re-writing of the plan document in order to incorporate any legislative changes and amendments that may have been adopted since the last time the document was re-written.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Why do we have to restate our plan?<\/b><\/span><\/p>\n

It is IRS policy to require restatements for pre-approved plans every 6 years or cycles.\u00a0 The current restatement of defined contribution plans is being referred to as the Cycle 3 or \u201cPost PPA” restatement. This restatement will incorporate any recent legistlative and regulatory changes that have occured since the last time the document was updated.<\/span>\u00a0<\/p>\n

\u00a0<\/span><\/p>\n

What is a Pre-Approved plan?<\/b><\/span><\/p>\n

A pre-approved plan is one that the IRS has reviewed and approved all of the plan provisions that are available.\u00a0 Jim Hallinan Pension Consulting uses IRS Pre-approved Documents in order to minimize the cost of preparing a plan document for our clients and to maximize flexibility to design plans.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Is the restatement mandatory?<\/b><\/span><\/p>\n

Yes.\u00a0 Not restating your plan could result in penalties for non-compliance and jeopardize the plan\u2019s tax qualified status.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

What is the process and deadline for restating the plan documents?<\/b><\/span><\/p>\n

Defined Contribution plans must be restated by July 31, 2022.\u00a0 We will be reaching out to our plan sponsors over the next few weeks to begin the process.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

We just started our plan. Do we need to restate our document?<\/b><\/span><\/p>\n

In most cases, yes. T<\/span>he Cycle 3 Restatement Document was recently approved.\u00a0 As a result, some newly- established plans may need to be restated.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Can we make changes to our plan during the restatement process?<\/b><\/span><\/p>\n

Yes.\u00a0 The restatement process presents the opportunity to redesign the plan to better meet your needs.\u00a0 It is an excellent time to review provisions for loans or hardships, adjust the plan\u2019s contribution rules or make other plan changes.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Can we pay for the restatement from the plan?<\/b><\/span><\/p>\n

Yes.\u00a0 Since the restatement is required, the Department of Labor allows the fee to be paid out of plan assets.\u00a0 If your plan currently has a forfeiture balance this may be used to offset the restatement fee.<\/span><\/p>\n

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Get in touch<\/h2>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ custom_padding_last_edited=”on|desktop” _builder_version=”4.27.0″ _module_preset=”default” background_color=”#f2a900″ custom_margin=”80px||||false|false” custom_padding=”50px|40px|50px|40px|true|true” custom_padding_tablet=”|30px||30px|true|true” custom_padding_phone=”|20px||20px|true|true” box_shadow_style=”preset4″ box_shadow_horizontal=”40vw” box_shadow_vertical=”0px” box_shadow_color=”#0F1154″ global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jimhallinanpension.com\/wp-content\/uploads\/2025\/01\/about-us-icon-34420.png” title_text=”about-us-icon-34420″ _builder_version=”4.27.0″ _module_preset=”default” width=”112px” custom_margin=”-80px||||false|false” custom_padding_tablet=”|||50px|false|false” custom_padding_phone=”|||20px|false|false” custom_padding_last_edited=”off|desktop” border_radii=”on|100px|100px|100px|100px” locked=”off” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.0″ _module_preset=”44e52539-cead-43e5-bd57-eb8d3d608b93″ header_2_font=”Montserrat|700|||||||” header_2_text_color=”#0F1154″ header_2_font_size=”60px” header_2_line_height=”120%” header_2_font_size_tablet=”30px” header_2_font_size_phone=”20px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

Contact JHPC Today<\/h2>\n

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P: 860-561-8425<\/p>\n

F: 860-561-8426<\/p>\n

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10 Talcott Notch Rd<\/p>\n

Suite 200\u00a0<\/p>\n

Farmington Ave, CT\u00a0 06032<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

Resources2026 Limits401(k) Maximum Deferral$24,500Catch-up for 401(k)$8,000DC Annual Contribution Limit$72,000Annual Compensation Limit$360,000FAQs about Cycle 3 or Post-PPA RestatementWhat is a plan restatement? A restatement refers to the complete re-writing of the plan document in order to incorporate any legislative changes and amendments that may have been adopted since the last time the document was re-written. \u00a0 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-21","page","type-page","status-publish","hentry"],"featured_image_src":null,"featured_image_src_square":null,"_links":{"self":[{"href":"https:\/\/jimhallinanpension.com\/index.php?rest_route=\/wp\/v2\/pages\/21","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jimhallinanpension.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/jimhallinanpension.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/jimhallinanpension.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/jimhallinanpension.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21"}],"version-history":[{"count":0,"href":"https:\/\/jimhallinanpension.com\/index.php?rest_route=\/wp\/v2\/pages\/21\/revisions"}],"wp:attachment":[{"href":"https:\/\/jimhallinanpension.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}