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
|