Understanding Employee Benefits and key developments in the employee benefits field and items of interest to our clients. MORE

The Internal Revenue Service has released the 2015 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans. http://www.irs.gov/uac/Newsroom/IRS-Announces-2015-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$18,000-to-their-401(k)-plans-in-2015 The following chart summarizes 2015 retirement plan limits and other benefit plan limits. The 2014 limits are also listed for reference purposes.

 

2014 2015

 

Elective Deferral Limit 401(k), 403(b), 457(b)

 

$17,500

 

$18,000

 

Catch-up Limit (age 50+)

 

$5,500

 

$6,000

 

Defined Benefit Limit

 

$210,000

 

$210,000

 

Defined Contribution Limit

 

$52,000

 

$53,000

 

Dollar Limit – Highly Compensated Employees

 

$115,000

 

$120,000

 

Officer-Key Employee

 

$170,000

 

$170,000

 

Annual Compensation Limit

 

$260,000

 

$265,000

 

SEP Eligibility Compensation Limit

 

$550

 

$600

 

SIMPLE Deferral Limit

 

$12,000

 

$12,500

 

SIMPLE Catch-up Limit (age 50+)

 

$2,500

 

$3,000

 

Social Security Taxable Wage Base

 

$117,000

 

$118,500

 

ESOP 5 Year Distribution Extension

Account minimum

Additional amount for 1 year extension

 

 

$1,050,000

$210,000

 

 

$1,070,000

$210,000

 

HSA (self/family)

Maximum annual contribution

HDHP minimum deductible limits

Out-of-pocket expense annual maximum

 

 

$3,300/$6,550

$1,250/$2,500

$6,350/$12,700

 

 

 

$3,350/$6,650

$1,300/$2,600

$6,450/$12,900

 

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