Pension Plan Limits for the Tax Year 2014
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 | 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.