Funding and AFTAP Relief for Hurricane Harvey and Hurricane Irma

In IRS Notice 2017-49, the IRS issued additional relief for defined benefit plans affected by Hurricane Harvey and Hurricane Irma.  If a plan qualifies the minimum funding deadline and the AFTAP deadline is extended to January 31, 2018.  To qualify a plan, must be an Affected Plan in an Affected Area.

An Affected Area is a county or other area that FEMA designates eligible for individual assistance in connection with Hurricane Harvey or Hurricane Irma.

To be an Affected Plan, one or more of the following must be located in an Affected Area:

  • For single employer plans, principal place of business of the employer
  • Principal place of business for the employers who employees at least 50% of the active participants
  • Officer of the plan or plan administrator
  • Office of the primary record keeper
  • Office of the enrolled actuary

If a plan qualifies an Affected Plan, the minimum funding and quarterly funding deadlines are extended to January 31, 2018.  Additionally, the AFTAP deadline and AFTAP election deadlines are moved to January 31, 2018.

This is in addition to the other relief provided by the IRS and PBGC.

Star of Excellence Award

John Hancock is proud to recognize Nova 401(k) Associates of Houston, TX as the inaugural winner of two John Hancock Retirement Plan Services Star of Excellence awards. 
Nova 401(k) Associates earned a Star of Excellence award in each of the following award categories, based on results from over 2000 Third Party Administrator (TPA) firms we partnered with in 2014: 
·        #1 in New Plan Sales sold with John Hancock 
·        #1 in Estimated Deposit 
The tremendous success that the team at Nova experienced is a reflection of their reputation among financial advisors as experts in their field, and their dedication to serving their clients. 
Congratulations Nova 401(k) Associates!  We look forward to another successful year of partnership with you. 
Ann Slotwinski 
Vice President, TPA Services 
John Hancock Retirement Plan Services 

2014 WIPN Board of Directors

Our 2014 Board of Directors has been chosen to guide WIPN into the immediate future.

Congratulations to the following ladies:


Lisa Buffington of Prudential Retirement

Vice President

Tammy Ouverson of ING


Sadie Hooker of Nova 401(k) Associates


Dorothy Campbell of ProVise Management Group


Amy Glynn of Pension Resource Institute


Sue Friday of Muhlenkamp & Company

Programs & Events

Melissa Trimani of Prudential Retirement


Mary Jo Baumann of Transamerica


Kathleen Roche of Commonwealth

2014 will be a busy year for the organization and the board members are always happy to welcome new volunteers.

2013 MAP-21 rates released

The IRS released the 2013 MAP-21 adjusted segment rates to be used in funding valuations for defined benefit plans and cash balance plans.  The first segment rate applies for the first five years, the second segment rate applies for the next fifteen years and the third segment rate applies thereafter.  The 2013 segment rates are as follows:  4.94%, 6.15% and 6.76%.  The 2012 rates were 5.54%, 6.85% and 7.52%.  The 2013 rates are lower than the 2012 rates because the MAP-21 corridor is wider for 2013 than for 2012 and the IRS updated the data used in the calculation of the 25 year average.

IRS phone forums

The IRS is hosting several free phone forums on retirement plan topics during February 2013. The first one is titled “Ethical Standards for and Accountability of Practitioners Offering Tax Advice Relating to Employee Benefit Plans” and is on February 13, 2013. On February 21, 2013 the IRS is sponsoring two phone forums on updates to the Employee Plans Compliance Resolution System (‘EPCRS’).  On February 28, 2013, the IRS is doing a phone forum covering the 2012 Cumulative List Changes for Cycle CC filers.  IRS phone forums are free and offer continuing education credit.  For more information visit

IRS Announces Plan Limits for 2013!

The Internal Revenue Service just released cost-of-living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2013. The good news is many limits have increased.

 Below is a list of the most common 2013 retirement plan limits:

401(k) Elective Deferral Limit

  • Increased to $17,500
  • Increased for individuals age 50 or older to $23,000 ($17,500 plus $5,500 catch-up)

Defined Contribution Maximum Annual Addition Limit

  • Increased to $51,000

Annual Compensation Limit

  • Increased to $255,000

If you have any questions about the limits or how they affect your plan, please contact your account manager.



Hurricane Season Begins

Another hurricane season is upon us! The Atlantic hurricane season begins June 1st. The IRS offers these suggestions for preparing for a natural disaster:

• Safeguard records – Make backup copies of important records and store the backup separately from the originals. Consider using electronic backup copies.
• Inventory belongings – Create an inventory of possessions using photographs and video for higher priced items. IRS Publication 584 provides additional information on creating an inventory.
• Review and update emergency plans – Review your emergency plans and make sure that it is up to date. At the same time, review emergency plans with employees, especially new employees.
• Check on Fiduciary Bonds – Confirm with your payroll provider that they have a fiduciary bond that will protect employees in the event the payroll provider defaults during a natural disaster.

In the event that important tax records are lost in a natural disaster, tax records previously filed with the IRS can be requested using Form 4506. Additionally, in the event of a natural disaster close to a tax deadline, listen to the news or review the IRS website as the IRS frequently extends deadlines for affected individuals and businesses.

Nova 401(k) Associates has multiple offices so that we will be able to serve our clients even if there is a natural disaster in one location. Nova 401(k) Associates encourages clients and advisors to contact us with questions about our disaster recovery plan or for assistance following a natural disaster.

The Power is Out in our Dallas Office

Nova’s Dallas office is currently experiencing a power outage due to the storms that occurred last night.  Technicians are working diligently to resolve the problem as soon as possible. We are hopeful to have this resolved by this afternoon.

In the meantime, please email your account manager. If you need to speak with a live person, our Austin and Houston staff members are available to assist you (Houston 713-524-5192 and Austin 512-501-2862).


We apologize for any inconvenience.


Nova 401(k) Associates



Nova’s Houston phone lines are working!

We are back in business as of this afternoon.  Houston phones are no longer being routed to the Dallas office.

Looks like with all the construction, phone lines were not properly labeled and were somehow cut.  We believe the problem has now been resolved.


Again we apologize for any inconvenience.


Nova 401(k) Associates


Nova’s Houston phone lines are down

Nova’s Houston office is currently experiencing phone service interruption and calls are not coming through, in or out. Technicians are working diligently to resolve the problem.

In the meanwhile, please email your account manager. If you need to speak with a live person, our Austin and Dallas staff members are available to assist you (Dallas (469) 726-3314 and Austin (512) 501-2862).

We apologize for any inconvenience.


Nova 401(k) Associates


*Please note: the phone lines are now working*