The Internal Revenue Service has released the 2014 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans. http://www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions. The following chart summarizes 2014 retirement plan limits and other benefit plan limits. The 2013 limits are also listed for reference purposes:
|
2013 |
2014 |
|
|
Elective Deferral Limit 401(k), 403(b), 457(b) |
$17,500 |
$17,500
|
|
Catch-up Limit (age 50+) |
$5,500 |
$5,500
|
|
Defined Benefit Limit |
$205,000 |
$210,000
|
|
Defined Contribution Limit |
$51,000 |
$52,000
|
|
Dollar Limit – Highly Compensated Employees |
$115,000 |
$115,000
|
|
Officer-Key Employee |
$165,000 |
$170,000
|
|
Annual Compensation Limit |
$255,000 |
$260,000
|
|
SEP Eligibility Compensation Limit |
$550 |
$550
|
|
SIMPLE Deferral Limit |
$12,000 |
$12,000
|
|
SIMPLE Catch-up Limit (age 50+) |
$2,500 |
$2,500
|
|
Social Security Taxable Wage Base |
$113,700 |
$117,000
|
|
ESOP 5 Year Distribution Extension Account minimum Additional amount for 1 year extension |
$1,035,000 $205,000 |
$1,050,000 $210,000
|
|
HSA (self/family) Maximum annual contribution HDHP minimum deductible limits Out-of-pocket expense annual maximum |
$3,250/$6,450 $1,250/$2,500 $6,250/$12,500 |
$3,300/$6,550 $1,250/$2,500 $6,350/$12,700
|