DRS Notice 23-011, Annual Limits for DCP Reminder

Notice No: 23-011
Date: September 05, 2023
Applies to: DCP Employers
Subject: DRS Notice 23-011, Annual Limits for DCP Reminder

Some of your employees may be approaching the annual limit for DCP contributions in 2023. Please review your prior DCP Report for this warning message:  “Employee’s deferral total is nearing the IRS yearly maximum {amount given}” and ensure you do not withhold an amount that will exceed the maximum for a participant. If you report an amount that exceeds the limit for a participant, it will delay the processing of your DCP report and create additional work for you.

If you have any questions regarding this DRS Notice, please contact Employer Support Services at 360-664-7200, option 2, or 800-547-6657, option 6, option 2, or email us.