On October 23, 2014, the Internal Revenue Service announced the 2015 cost-of-living adjustments to the contribution limits and other amounts applicable to various retirement plans. Those amounts are set forth below. Please note that some limits for 2015 have changed from those in effect in 2014.
All limits are applicable for the plan year commencing in the respective year, except as stated otherwise below.
|
LIMIT |
2015 |
2014 |
2013 |
|
401(K) DEFERRAL CONTRIBUTIONS |
$18,000
(Calendar Year Limit) |
$17,500
(Calendar Year Limit) |
$17,500
(Calendar Year Limit) |
|
GOVERNMENTS AND TAX-EXEMPT PLANS (403(B) AND 457(B)) DEFERRAL CONTRIBUTIONS |
$18,000
(Calendar Year Limit) |
$17,500
(Calendar Year Limit) |
$17,500
(Calendar Year Limit) |
|
401(K)/403(B)/ GOVERNMENTAL 457(B) CATCH-UP CONTRIBUTIONS FOR PARTICIPANTS OVER AGE 50 |
$6,000
(Calendar Year Limit) |
$5,500
(Calendar Year Limit) |
$5,500
(Calendar Year Limit) |
|
INCLUDIBLE COMPENSATION |
$265,000 |
$260,000 |
$255,000 |
|
ANNUAL DEFINED CONTRIBUTION PLAN LIMIT (415 LIMIT) |
$53,000
(Effective for Limitation Years Ending in 2015) |
$52,000
(Effective for Limitation Years Ending in 2014) |
$51,000
(Effective for Limitation Years Ending in 2013) |
|
DEFINED BENEFIT PLAN ANNUAL BENEFIT LIMITATION |
$210,000 |
$210,000 |
$205,000 |
|
FICA WAGE BASE FOR INTEGRATED PLANS |
$118,500 |
$117,000 |
$113,700 |
|
DEFINITION OF HIGHLY COMPENSATED EMPLOYEE |
For Determining HCEs in 2015, Employees Who Earned More than $120,000 in 2014 |
For Determining HCEs in 2014, Employees Who Earned More than $115,000 in 2013 |
For Determining HCEs in 2013, Employees Who Earned More than $115,000 in 2012 |
|
DEFINITION OF KEY EMPLOYEE (OFFICER COMPENSATION) |
$170,000 |
$170,000 |
$165,000 |
