|
Code Section |
2014 |
2013 |
|
401(a)(17)/404(l)Annual Compensation |
$260,000 |
$255,000 |
|
402(g)(1)Elective Deferrals |
$17,500 |
$17,500 |
|
414(v)(2)(B)(i)Catch-up Contributions |
$5,500 |
$5,500 |
|
415(b)(1)(A)Defined Benefit Plan Limit |
$210,000 |
$205,000 |
|
415(c)(1)(A)Defined Contribution Plan Limit |
$52,000 |
$51,000 |
|
457(e)(15)Deferral Limits |
$17,500 |
$17,500 |
|
414(q)(1)(B)Highly Compensated Employee Threshold |
$115,000 |
$115,000 |
|
409(o)(1)(C)ESOP Limits |
$1,050,000 $210,000 |
$1,035,000 $205,000 |
|
416(i)(1)(A)(i)Key Employee |
$170,000 |
$165,000 |
|
408(p)(2)(E)SIMPLE Max. Contributions |
$12,000 |
$12,000 |
|
414(v)(2)(B)(ii)SIMPLE Catch-up Contributions |
$2,500 |
$2,500 |
|
408(k)(2)(C)SEP Min. Compensation |
$550 |
$550 |
|
408(k)(3)(C)SEP Max. Compensation |
$260,000 |
$255,000 |
|
1.61-21(f)(5)(i)Control Employee |
$105,000 |
$100,000 |
|
1.61-21(f)(5)(iii)Control Employee |
$210,000 |
$205,000 |
|
Social Security Tax Wage Base |
$117,000 |
$113,700 |
On October 31, 2013 the Internal Revenue Service (IRS) announced the cost-of-living adjustments impacting tax-qualified pension plans for 2014. Increases were not made to the individual limits on deferrals and catch-up contributions. However, the IRS increased from last year most of the general pension plan limitations, including the limit on annual compensation, as the cost-of-living index increase met the statutory thresholds that trigger adjustments. The following table highlights some of the key limits that affect tax-qualified pension plans.
Editor’s Note: This article was drafted by Ogletree Deakins, a labor and employment law firm that represents management. This information should not be relied upon as legal advice.