2010 RETIREMENT PLAN LIMITS

On October 15, 2009, the IRS released the retirement plan limits that will be in place for 2010:

....................................2009..........2010

401(k) Elective Deferrals.........$16,500.......$16,500
Catch Up Contribution Limit.......$ 5,500.......$ 5,500
Annual DC Contribution Limit......$49,000.......$49,000
Annual Compensation Limit........$245,000......$245,000
Highly Compensated Employee......$110,000......$110,000
403(b)/457 Elective Deferrals.....$16,500.......$16,500
SIMPLE Employee Deferrals.........$11,500.......$11,500
SIMPLE Catch Up Deferral..........$ 2,500.......$ 2,500
SEP Minimum Compensation..........$ 550.......$ 550
SEP Annual Compensation Limit....$245,000......$245,000
Social Security Wage Base........$106,800......$106,800

CLIENT OF THE MONTH

Each month we draw attention to one of our clients that has a unique story. In this issue we are pleased to highlight one of our longest-term clients (in excess of 20 years), Daniels Oil Company of Portland, CT.

Daniels Oil Company began in the 1920s with coal and range oil; over the years, and three generations of family ownership, Daniels Oil has developed into a full-service fuel supplier, excelling in the heating and air conditioning industry by focusing on prompt and “’old fashioned’ friendly customer service.” From home heating oil and propane delivery, to boiler, A/C and water heater installation and service, Daniels Oil Company “will offer you the most in terms of quality, convenience, and value.”
With a main location in Portland, CT, Daniels Oil also has a location in Essex, CT, allowing them to service the entire region quickly and efficiently.

We encourage you to visit their website at www.danielsoil.com (or click the link in the title above) for more information on the services and products they offer.

IRS Retirement Plan Navigator

The IRS just rolled out a new web-based tool on their site, www.retirementplans.irs.gov/ (or click the title of this article above to be brought to the site automatically). This tool was deigned for small businesses, with the focus on

* Choosing a plan type
* Maintaining a plan
* Correcting a plan

Set up as a simple side-by-side comparison, the site will not recommend a particular plan, but rather highlight the plan features, with the intent on aiding the decision-making process.