2015 Retirement Plan Dollar Limits

Tip of the Day

By Stephanie Reagan

sreagan@sunlin.biz

The Internal Revenue Service announced today, October 23, 2014, the cost-of-living adjustments affecting dollar limits for retirement plan related items for 2015 as follows:

Defined Contribution Annual Additions (year in which the limitation year ends)  $53,000

401(k), 403(b) & 457 Deferral (Calendar year)  $18,000

Catch-Up Limit (Calendar year)  $6,000

Maximum Compensation (year in which the plan year begins)  $265,000

Highly Compensated Employee (preceding plan year begins)  $120,000

Defined Benefit (year in which the limitation year ends)  $210,000

Key Employee  $170,000

Social Security Taxable Wage Base   $118,500    

http://www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions