Retirement Plan Dollar Limits for 2015
The IRS has announced the 2015 cost of living adjustments for retirement plans.
The limitation on the annual benefit under a defined benefit plan remained unchanged at $210,000.
The limit on the annual additions to a participant's defined contribution account has increased from $52,000 to $53,000.
The maximum amount of annual compensation that can be taken into account for various qualified plan purposes has increased from $260,000 to $265,000.
The limit on the exclusion for elective deferrals increased from $17,500 to $18,000. This limitation affects elective deferrals to Section 401(k) plans, Section 403(b) plans, and the Federal Government's Thrift Savings Plan. The limit on catch up contributions for those plans increased from $5,500 to $6,000.
The maximum amount of compensation an employee may elect to defer for a SIMPLE plan increased from $12,000 to $12,500. The limit on catch up contributions for those plans increased from $2,500 to $3,000.
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