View Page As PDF
Share Button
Tweet Button

On October 23, 2014, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the Tax Year 2015. Many of the limitations have changed from the limits that are in place for 2014.

Below are the 2015 plan limitations:

2015 Retirement Plan Limits

 

2015

2014

 401(k),403(b) and 457(b) Deferral Limits     

$18,000

$17,500

 401(k) and 403(b) Catch-up Deferral Limits 

$6,000

$5,500

 Annual Limitation on Compensation            

$265,000

 $260,000

 Defined Contribution Limitation                     

$53,000

$52,000

 Defined Benefit Limitation                               

   $210,000

$210,000

 Highly Compensated Employee Compensation Threshold    

$120,000

$115,000

 Key Employee Compensation - Officer Threshold

$170,000

$170,000

 SIMPLE Deduction

$12,500

$12,000

 SIMPLE Catch-Up Contribution

$3,000

$2,500

 IRA Contribution Limit

$5,500

$5,500

 IRA Catch-Up Contribution Limit

$1,000

$1,000

 Social Security Wage Base

$118,500

$117,000

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

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.

COMMENT
+