IRS Announces 2015 Cost-of-Living Adjustments for Retirement Plans

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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