IRS Announces 2013 Cost-of-Living Adjustments to Benefit Plan Limits

[author: Jeffrey Cairns]

The Internal Revenue Service has released the 2013 cost-of-living adjustments for compensation and benefit limits related to retirement plans. http://benefitslink.com/src/irs/IR-2012-77.pdf  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

$110,100

$113,700

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

 

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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