October 27, 2014

IRS Retirement Plan Limits announced for 2015

On October 23, 2014, the IRS announced its annual cost of living adjustments. Below is a chart from www.401khelpcenter.com that does a nice job summarizing the changes in limits since 2012.



Chart of Select Limits
401k Plan Limits for Year
2015
2014
2013
2012
401k Elective Deferrals 
$18,000
$17,500
$17,500
$17,000
Annual Defined Contribution Limit
$53,000
$52,000
$51,000
$50,000
Annual Compensation Limit
$265,000
$260,000
$255,000
$250,000
Catch-Up Contribution Limit
$6,000
$5,500
$5,500
$5,500
Highly Compensated Employees
$120,000
$115,000
$115,000
$115,000
Non-401k Related Limits
403(b)/457 Elective Deferrals
$18,000
$17,500
$17,500
$17,000
SIMPLE Employee Deferrals
$12,500
$12,000
$12,000
$11,500
SIMPLE Catch-Up Deferral
$3,000
$2,500
$2,500
$2,500
SEP Minimum Compensation
$600
$550
$550
$550
SEP Annual Compensation Limit
$265,000
$260,000
$255,000
$250,000
Social Security Wage Base
$118,500
$117,000
$113,700
$110,100