IRS Announces Retirement Plan Limits for 2015
The executive benefits team shares this update just released by the IRS regarding the changes for 2015 in the social security taxable wage base, qualified compensation limits, and other aspects of U.S. retirement plan limitations.
The full update appears below.
IRS Announces 2015 Retirement Plan Limits
The IRS announced today the cost of living adjustments for qualified pension and defined contribution plans. The important retirement plan limits for 2014 and 2015 are summarized below:
|Elective Deferral Limit for 401(k) and 403(b) Plans||$18,000||$17,500|
|Age 50 Catch Up Limit for 401(k) and 403(b) Plans||$6,000||$5,500|
|415 Defined Contribution Plan Limit||$53,000||$52,000|
|Qualified Compensation Limit||$265,000||$260,000|
|Highly Compensated Employee Limit||$120,000||$115,000|
|Key Employee Officer Compensation Limit||$170,000||$170,000|
|Social Security Taxable Wage Base||$118,500||$117,000|
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