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IRS Announces 2015 Qualified Pension Plan Limits

The IRS recently announced cost-of-living adjustments for 2015. The following list describes some of the key limits that will apply to employer qualified retirement plans in 2015. The annual limit on elective deferrals for employees who participate in 401(k) and 403(b) plans will increase from $17,500 to $18,000. The limit for annual additions to defined contribution plans will increase from $52,000 to $53,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k) and 403(b) plans will increase from $5,500 to $6,000. The annual benefit limit under a defined benefit plan remains unchanged at $210,000. The dollar limit on compensation for defining a ?Ç£key employee?Ç¥ in a top heavy plan remains unchanged at $170,000. The dollar limit on compensation for defining a ?Ç£highly compensated employee?Ç¥ will increase from $115,000 to $120,000. The annual limit on compensation taken into account when calculating a participant?ÇÖs benefit accruals will… Continue Reading

October 2014
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