Compliance October 19, 2011

First Cost-of-Living Adjustment Since 2009 Coming Next Year

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6% in 2012, the Social Security Administration announced.
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The 3.6% cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012.  Increased payments to more than eight million SSI beneficiaries will begin on December 30, 2011.  

In addition, the Administration announced that based on the increase in average wages, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $110,100 from $106,800.    

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Information about Medicare changes for 2012, when announced, will be available at www.Medicare.gov.  For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.   

The Social Security Act provides for how the COLA is calculated.  To read more, visit http://www.socialsecurity.gov/cola.
Products October 19, 2011

Consultant Offers Retirement Plan Compliance Warranty

United Retirement Plan Consultants is introducing a Compliance Warranty for its 10,000 current plan sponsor clients as well as all new prospects.
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The Compliance Warranty covers service deliveries such as plan documents, Form 5500 preparation, non-discrimination testing, eligibility determination, and contribution limit monitoring. It provides plan sponsors assurance of United Retirement’s efforts in the event their work is challenged by regulatory agencies, third parties, participants, or others.   

“Few plan sponsors fully understand the delineation of roles and responsibilities of their service providers,” said John Davis, President and CEO of United Retirement Plan Consultants.  “We developed our service agreement, fee schedule and Compliance Warranty with the intention of clarifying our role, responsibilities and fees for the administration of our clients’ retirement plans and assuring our clients that we fully stand behind our work.”

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