The IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement related items for tax year 2014.
Pension Plan Limits – 2014
| 401k Plan Limits for Plan Year 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| 401k Elective Deferrals | $17,500 | $17,500 | $17,000 | $16,500 | $16,500 | $16,500 |
| Annual Defined Contribution | $52,000 | $51,000 | $50,000 | $49,000 | $49,000 | $46,000 |
| Annual Compensation Limit | $260,000 | $255,000 | $250,000 | $245,000 | $245,000 | $245,000 |
| Catch-Up Contribution Limit | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 |
| Highly Compensated Employees | $115,000 | $115,000 | $115,000 | $110,000 | $110,000 | $110,000 |
| Non-401k Related Limits 2014 Â Â Â Â Â | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| 403(b)/457 Elective Deferrals | $17,500 | $17,500 | $17,000 | $16,500 | $16,500 | $16,500 |
| SIMPLE Employee Deferrals | $12,000 | $12,000 | $11,500 | $11,500 | $11,500 | $11,500 |
| SIMPLE Catch-Up Deferral | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 |
| SEP Minimum Compensation | $550 | $550 | $550 | $550 | $550 | $550 |
| SEP Annual Compensation Limit | $260,000 | $255,000 | $250,000 | $245,000 | $245,000 | $245,000 |
| Social Security Wage Base | $117,000 | $113,700 | $110,100 | $106,800 | $106,800 | $106,800 |
For a more complete listing of limitations that apply to retirement plans, click here to see the IRS form.
For more information, contact your Retirement Plan Advisor at Aldrich.
