The Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. Today, the Internal Revenue Service announced the 2015 cost-of-living adjustments affecting dollar limitations for qualified retirement plans as follows:
| 401(k), 403(b), Profit-Sharing Plans, etc. |
| |
2015 |
2014 |
2013 |
| Annual Compensation |
265,000 |
260,000 |
255,000 |
| Elective Deferrals |
18,000 |
17,500 |
17,500 |
| Catch-up Contributions |
6,000 |
5,500 |
5,500 |
| Defined Contribution Limits |
53,000 |
52,000 |
51,000 |
| ESOP Limits |
1,070,000
210,000 |
1,050,000
210,000 |
1,035,000
205,000 |
| Other |
| HCE Threshold |
120,000 |
115,000 |
115,000 |
| Defined Benefit Limits |
210,000 |
210,000 |
205,000 |
| Key Employee |
170,000 |
170,000 |
165,000 |
| 457 Elective Deferrals |
18,000 |
17,500 |
17,500 |
| Taxable Wage Base |
118,500 |
117,000 |
113,700 |
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.