2014 Cost of Living Adjustments Announced
The Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. Today, the Internal Revenue Service announced the 2014 cost-of-living adjustments affecting dollar limitations for qualified retirement plans as follows:
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401(k), 403(b), Profit-Sharing Plans, etc.
|
|
2014
|
2013
|
2012
|
|
Annual Compensation
|
260,000
|
255,000
|
250,000
|
|
Elective Deferrals
|
17,500
|
17,500
|
17,000
|
|
Catch-up Contributions
|
5,500
|
5,500
|
5,500
|
|
Defined Contribution Limits
|
52,000
|
51,000
|
50,000
|
|
ESOP Limits
|
1,050,000
210,000
|
1,035,000
205,000
|
1,015,000
200,000
|
|
Other
|
|
HCE Threshold
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115,000
|
115,000
|
115,000
|
|
Defined Benefit Limits
|
210,000
|
205,000
|
200,000
|
|
Key Employee
|
170,000
|
165,000
|
165,000
|
|
457 Elective Deferrals
|
17,500
|
17,500
|
17,000
|
|
Taxable Wage Base
|
117,000
|
113,700
|
110,100
|
For a historical chart of the applicable dollar limitations since 1982, click here.
For questions about the qualified plan limitations or any other benefits question, contact a member of Holland & Hart's Benefits Law Group.
This publication is designed to provide general information on pertinent legal topics. The statements made are provided for educational purposes only. They do not constitute legal or financial advice nor do they necessarily reflect the views of Holland & Hart LLP or any of its attorneys other than the author(s). This publication is not intended to create an attorney-client relationship between you and Holland & Hart LLP. Substantive changes in the law subsequent to the date of this publication might affect the analysis or commentary. Similarly, the analysis may differ depending on the jurisdiction or circumstances. If you have specific questions as to the application of the law to your activities, you should seek the advice of your legal counsel.