[author: Jeffrey P. Cairns]
The Internal Revenue Service has released the 2013 cost-of-living adjustments for compensation and benefit limits related to retirement plans. Go here to read the IRS news release.
The following chart summarizes 2013 retirement plan limits and other benefit plan limits. These limits are adjusted as often as every year to account for increases in the cost of living, or as established by statute. By statute, several of these numbers may not be reduced. Many of the amounts have increased from the 2012 limits. The 2012 limits are also listed for reference purposes.
|
|
2012 |
2013 |
|
Elective Deferral Limit 401(k), 403(b), 457(b) |
$17,000 |
$17,500 |
|
Catch-up Limit (age 50+) |
$5,500 |
$5,500 |
|
Defined Benefit Limit |
$200,000 |
$205,000 |
|
Defined Contribution Limit |
$50,000 |
$51,000 |
|
Dollar Limit for Highly Compensated Employees |
$115,000 |
$115,000 |
|
Officer-Key Employee |
$165,000 |
$165,000 |
|
Annual Compensation Limit |
$250,000 |
$255,000 |
|
SEP Eligibility Compensation Limit |
$550 |
$550 |
|
SIMPLE Deferral Limit |
$11,500 |
$12,000 |
|
SIMPLE Catch-up Limit (age 50+) |
$2,500 |
$2,500 |
|
Social Security Taxable Wage Base |
$110,000 |
$113,000 |
|
ESOP 5-Year Distribution Extension
Account minimum
Additional amount for 1-year extension
|
$1,015,000
$200,000 |
$1,035,000
$205,000
|
|
HSA (self/family)
Contributions-maximum
HDHP Deductible-minimum
Out-of-Pocket Expenses-maximum
|
$3,100/$6,250
$1,200/$2,400
$6,050/12,100 |
$3,250/$6,450
$1,250/$2,500
$6,250/$12,500 |
