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IRS Announces Retirement Plan Limitations for 2015

Posted 2:39 AM by

The Internal Revenue Service (IRS) recently announced the annual Cost-of-Living Adjustments (COLA) for retirement plans and related limitations for the 2015 tax year. Several of the following limits have changed for 2015 compared to the 2014 limits.

 20152014
Social Security Taxable Wage Base$118,500$117,000
Medicare Taxable Wage BaseNo LimitNo Limit
Compensation (Plan Limit)$265,000$260,000
Compensation (SEP)$600$550
Defined Benefit Limit (415)$210,000$210,000
Defined Contribution Limit (415)$53,000$52,000
401(k) and 403(b) Contribution Limit$18,000$17,500
401(k) and 403(b) Catch Up Contribution Limit
(over age 50)

$6,000

$5,500
SIMPLE Contribution Limit$12,500$12,000
SIMPLE Catch Up Contribution Limit (over age 50)$3,000$2,500
Highly Compensated Employee Definition (prior year)$120,000$115,000
Maximum Deduction (% of Compensation) P/S and
SEP Plans

25%

25%
IRA Contribution Limit (Traditional and Roth)$5,500$5,500
IRA Catch Up Contribution Limit (Over Age 50)$1,000$1,000

 

The contents of this post are for informational purposes only. If you have any questions regarding your retirement plan, please contact any of the following members of our Employee Benefit Plan Services Group

Patrick Brauer
Partner
317.844.4873 

Bernadette Fletcher
Director
317.580.2134 

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