Employee Benefits
IRS Announces 2015 Cost-of-Living Adjustments for Retirement Plans
Oct 31, 2014
The IRS recently announced cost of living adjustments for 2015. The key dollar amounts for retirement plans (compared to the 2014 dollar limits) are noted below.
|
Maximum Qualified Retirement Plan Dollar Limits |
||
|
2015 |
2014 |
|
| Limit on Section 401(k) deferrals (Section 402(g)) |
$18,000 |
$17,500 |
| Dollar limitation for catch-up contributions (Section 414(v)(2)(B)(i)) |
$6,000 |
$5,500 |
| Limit on deferrals for government and tax-exempt organization deferred compensation plans (Section 457(e)(15)) |
$18,000 |
$17,500 |
| Annual benefit limitation for a defined benefit plan (Section 415(b)(1)(A)) |
$210,000 |
$210,000 |
| Limitation on annual contributions to a defined contribution plan (Section 415(c)(1)(A)) |
$53,000 |
$52,000 |
| Limitation on compensation that may be considered by qualified retirement plans (Section 401(a)(17)) |
$265,000 |
$260,000 |
| Dollar amount for the definition of highly compensated employee (Section 414(q)(1)(B)) |
$120,000 |
$115,000 |
| Dollar amount for the definition of key employee in a top-heavy plan (Section 416(i)(1)(A)(i)) |
$170,000 |
$170,000 |
| Dollar amount for determining the maximum account balance in an ESOP subject to a five-year distribution period (Section 409(o)(1)(C)(ii)) |
$1,070,000 |
$1,050,000 |
| SIMPLE retirement account limitation (Section 408(p)(2)(E)) |
$12,500 |
$12,000 |
| Social Security Taxable Wage Base |
$118,500 |
$117,000 |
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