The ABG-IL app displays Internal Revenue Service (IRS) defined contribution (DC) and defined benefit (DB) contribution limits, along with helpful explanations. Financial advisers can use this information to discuss plan design and contribution limits with employers. Plan sponsors and participants can access information relevant to their contributions within their plans.
The new app is designed to update annually. It complements the app ABG-IL previously released, which allows retirement plan participants to monitor their account balances and transaction activity directly from their mobile devices.
“The new Plan Limits App gives us one more way to quickly communicate important information to our clients and partners,” says John Blossom, CEO of Alliance Benefit Group-Illinois, based in Peoria. “We’ve already heard from early users how they appreciate having this information at their fingertips.”
Alliance Benefit Group-Illinois Inc. is a provider of retirement plan administration and recordkeeping services.