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On October 31, 2013, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the Tax Year 2014. Many of the limitations have remained unchanged.

Below are the 2014 plan limitations:

2014 Retirement Plan Limits

  2014 2013
 401(k),403(b) and 457(b) Deferral Limits       $17,500   $17,500 
 401(k) and 403(b) Catch-up Deferral Limits   $5,500   $5,500 
 Annual Limitation on Compensation              $260,000   $255,000 
 Defined Contribution Limitation                       $52,000   $51,000 
 Defined Benefit Limitation                                   $210,000     $205,000 
 Highly Compensated Employee Compensation Threshold      $115,000   $115,000 
 Key Employee Compensation - Officer Threshold  $170,000   $165,000 
 SIMPLE Deduction  $12,000   $12,000 
 SIMPLE Catch-Up Contribution  $2,500   $2,500 
 IRA Contribution Limit  $5,500   $5,500 
 IRA Catch-Up Contribution Limit  $1,000   $1,000 
 Social Security Wage Base  $117,000   $113,700 

For more information, please contact:

John M. Wirtshafter
216.348.5833
jwirtshafter@mcdonaldhopkins.com

Dale R. Vlasek
216.348.5452
dvlasek@mcdonaldhopkins.com

Antoinette M. Pilzner
248.220.1341
apilzner@mcdonaldhopkins.com

Meredith R. Fergus
216.348.5442
mfergus@mcdonaldhopkins.com

Benefit programs should be a win-win for employers and employees. We strive to accomplish that goal in the design, implementation and operation of sophisticated benefit and executive compensation programs – qualified and non-qualified retirement programs and health and welfare plans. Our employee benefits team has a long track record of working to maximize the efficiency and economic feasibility of each program.

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