Carpenter Morse GroupThe CMG Quarterly Connection - Since 1975
IntroAnnouncementsLegislative UpdatesRecipe of Distinction

Deferral Deadline

Remember: All deferral contributions must be withheld by the last pay period in December 2008 to be counted in the 2008 taxable year. The IRS maximum deferral for 2008 is $15,500 or $20,500 for participants age 50 or older. These contributions must be processed though regular payroll. They may be through a series of deposits all year long or in one lump sum at the end of the year. Safe Harbor plans are required to make the mandatory Safe Harbor contribution regardless of whether the Owners take advantage of this maximum deferral. So be sure to timely withhold the maximum deferral contribution by December 31, 2008.

Fall 2008


With the Holidays approaching it is a good time to be thankful and to reflect back on what we have accomplished in 2008. We have had several exciting changes this year including the partnership of Keith Carpenter, CFP, AIF and Serena Morse, QPA, QKA, hence the new name and look for the Company. In addition, we started our CMG website providing you useful information such as Frequently Asked Questions, and Annual Plan Limits. We have implemented annual plan design reviews to ensure the plan design is the most efficient for your needs. Lastly, we have strived to increase our availability to you by meeting at least annually to personally deliver the year end reports. And now, we are pleased to provide a quarterly e-newsletter with important deadline and factual information concerning your retirement plan.

Each quarter this e-newsletter will provide timely information on deadlines, the latest legislative news, quarterly announcements, and for a little fun, one of our favorite recipes for the season!

There will be a link to our website in each edition if you would like to look up additional information or to read certain articles on our Legislative Updates page. Please pay special attention to the “Important Deadlines” section as it will always provide you with time sensitive information.

We have been honored to serve so many of Central Florida’s small businesses this past year. We truly appreciate our relationships with each of you. Have a wonderful holiday season, a prosperous New Year, and we look forward to speaking with you in 2009!

All the best,
The Carpenter Morse Group Team



Complimentary Year End Calculations

For those of you needing some year end assistance with calculating the Employer contributions (i.e. profit sharing, match, safe harbor) before the end of the calendar year, please feel free to call us. We can prepare some preliminary contribution scenarios to assist you with your year-end budget. This is especially helpful for C-Corporations that need to distribute all Company profit by year end. We can assist you with determining what portion of the year end profit can be contributed and reduce year-end taxation.

CMG Website

At the end of the summer, we launched our company website! Some of you may be aware that we have rolled this new site out, but others may not have had a chance to view it yet.

We have attempted to make this site informative and helpful.

The site includes important annual deadlines that you need to be aware of, as well updates on legislative changes that impact your responsibilities. We have also attempted to take important questions that we get regularly and answer them accurately and in a manner that makes it easy for you to get the info you need quickly and efficiently. We always appreciate your calls and email inquiries, and encourage continuing to reach out in those manners. This site just gives you one more way to get the information you need!

You can view the site here:

We would certainly appreciate your feedback and comments. It will help us to continue to evolve the site to fit your needs and expectations. We hope this site is helpful to you.


Legislative Updates

New 2009 Retirement Plan Limits

The IRS has released the 2009 deferral limits, compensation limits and other thresholds related to the upcoming year. Please see the full list on the “Annual Plan Limits” tab of our website.

EGTRRA & 415 Amendment Required to Plan Document

Since 2002, your plan has been administered in adherence with the regulations under EGTRRA. It was thought that these provisions may "sunset" in 2010. Due to the Pension Protection Act signed in late 2006, these EGTRRA provisions have been made permanent. Therefore, the Internal Revenue Service is now requiring that all plan sponsors restate their plan documents to formally incorporate this language. Please note that failure to restate your plan document with the required language is a documentational failure and can disqualify your plan.

In addition to the EGTRRA restatement, the IRS is also requiring that your document be amended to comply with the new 415 regulations. The 415 regulations govern the definition of compensation permitted in the plan. This amendment must be completed by December 31, 2008. When we complete the EGTRRA restatement, we will also complete the required 415 amendment.

If you are using an ERISA Attorney’s plan document they will be contacting you with more information. For those clients, using a document prepared by our office, please be sure you sign the EGTRRA letter sent to your office to authorize timely completion of these amendments.

A Recipe From Our Family to Yours

Each quarter we will be sharing one of our favorite recipes for the Season. This quarter’s recipe is brought to you by one of our Plan Consultants, Kirstyn Jones. We made her bring it into the office and we loved it!


Pumpkin Pie Crunch

1 can (16 oz.) solid pack pumpkin
1 can (12 oz.) evaporated milk
3 eggs
1 1/4 cup sugar
4 tsp. pumpkin pie spice
1/2 tsp. salt
1 pkg. butter (yellow) cake mix
1 cup pecans, chopped (optional)
3/4 cup butter or margarine, melted

Preheat oven to 350° F. Grease bottom of 13 X 9-in. pan. Combine pumpkin, evaporated milk, eggs, sugar, spice, and salt in a large bowl. Pour into pan.

Sprinkle dry cake mix evenly over pumpkin mixture. Top with pecans (optional). Drizzle with melted butter. Bake for 50 to 60 minutes or until golden brown. Cool completely.

Carpenter Morse Group
834 N. Highland Orlando, FL 32803
Tel: (407) 843-0316    Fax: (407) 843-1668
Email Us For More Information