IRS Announces 2014 Benefit Plan Limits

The Internal Revenue Service has released the 2014 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans.  The following chart summarizes 2014 retirement plan limits and other benefit plan limits. The 2013 limits are also listed for reference purposes:





Elective Deferral   Limit 401(k), 403(b), 457(b)




Catch-up Limit (age   50+)




Defined Benefit Limit




Defined   Contribution Limit




Dollar Limit –   Highly Compensated Employees




Officer-Key   Employee




Annual Compensation   Limit




SEP Eligibility Compensation   Limit




SIMPLE Deferral   Limit




SIMPLE Catch-up   Limit (age 50+)




Social Security   Taxable Wage Base




ESOP 5 Year   Distribution Extension

Account minimum

Additional amount for   1 year extension






HSA (self/family)

Maximum annual   contribution

HDHP minimum   deductible limits

Out-of-pocket expense   annual maximum








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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