The new year starts off with some benefit updates, new rules, and opportunities for plan sponsors. Throughout the year, you'll find PlanConnect^® ready with the tools and resources to help you stay on top of issues and regulations affecting your plan. Here are some items of note to keep in mind as we start 2015:

Higher contribution and benefits limits

A new salary deferral limit ($18,000) and age 50+ catch-up limit ($6,000) went into effect on January 1, 2015. You'll find a list of all new retirement plan contribution and benefit limits here.

New IRS guidelines makes after-tax rollovers easier

The IRS now permits participants to split a direct rollover to different destinations and have it count as one distribution. In addition, participants can directly roll over a distribution's after-tax amounts to separate destinations from its pre-tax amounts, including to a Roth IRA, without triggering taxes on pre tax contributions or taxable earning.

These new guidelines, effective January 1, 2015, apply to qualified retirement plans, 403(b) plans, and governmental 457(b) plans. For more information, see IRS Notice 2014-54. If you use the IRS safe harbor rollover notices with your plan, you can download updated versions here.

New IRS rollover rules for IRA-to-IRA rollovers

Beginning January 1, 2015, individuals can make only one IRA-to-IRA rollover in any 12-month period. This new rule does not apply to rollovers from traditional IRAs to Roth IRAs (conversions), plan-to-IRA rollovers, or plan-to-plan rollovers. Click here for more information.

IRS 403(b) pre-approved plan documents delayed at least one more year

We have submitted our prototype 403(b) plan document to the IRS for its review; however, the IRS isn't releasing any approval notices until after it reviews all documents submitted during the filing period, which runs through April 15, 2015. Given this timeline, we do not expect pre-approved 403(b) plan documents to be available for adoption until at least 2016.

We will keep you posted on developments in this area as they occur. Meanwhile for an overview on the IRS pre-approved plan program, click here.

Your 2014 Annual Plan Report is now available

This Report provides a snapshot of key plan census and contribution data over the past year. These metrics can help you identify trends and areas for additional attention. The Report is also an excellent resource to fine-tune your employee communications strategy

To access your plan's Report for 2014, log in to our plan sponsor website and go to Tools>Reports>View Reports.

Promote your plan with our new poster

Encourage your employees to make retirement savings a priority in 2015 with our poster that showcases your plan. You can download the poster here.

Visit our ConnectNow page for more information on these and other topics.