The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for retirement plan contributions and benefits for 2015. Highlights include the following:
2015 Retirement Plan
Limits
| 2015 | 2014 | 2013 | |
| Elective Salary Deferrals (401(k) &
403(b)) |
18,000.00 | 17,500.00 |
17,500.00 |
| Catch-Up Contribution (age 50 or
older) |
6,000.00 | 5,500.00 |
5,500.00 |
| Maximum Compensation |
265,000.00 | 260,000.00 | 255,000.00 |
| Maximum Benefit for Defined Benefit
Plan |
210,000.00 | 210,000.00 | 205,000.00 |
| Maximum Annual Addition for Defined Contribution
Plan |
53,000.00 | 52,000.00 | 51,000.00 |
| Pay Threshold to Determine HCE |
120,000.00 | 115,000.00 | 115,000.00 |
| Officer Pay Threshold to Determine Key
Employee |
170,000.00 | 170,000.00 | 165,000.00 |
| Social Security Taxable Wage Base
(OASDI) |
118,500.00 | 117,000.00 | 113,700.00 |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.