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. http://www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions.  The following chart summarizes 2014 retirement plan limits and other benefit plan limits. The 2013 limits are also listed for reference purposes:

 

2013

2014

 

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

$17,500

$17,500

 

Catch-up Limit (age   50+)

$5,500

$5,500

 

Defined Benefit Limit

$205,000

$210,000

 

Defined   Contribution Limit

$51,000

$52,000

 

Dollar Limit –   Highly Compensated Employees

$115,000

$115,000

 

Officer-Key   Employee

$165,000

$170,000

 

Annual Compensation   Limit

$255,000

$260,000

 

SEP Eligibility Compensation   Limit

$550

$550

 

SIMPLE Deferral   Limit

$12,000

$12,000

 

SIMPLE Catch-up   Limit (age 50+)

$2,500

$2,500

 

Social Security   Taxable Wage Base

$113,700

$117,000

 

ESOP 5 Year   Distribution Extension

Account minimum

Additional amount for   1 year extension

$1,035,000

$205,000

$1,050,000

$210,000

 

HSA (self/family)

Maximum annual   contribution

HDHP minimum   deductible limits

Out-of-pocket expense   annual maximum

$3,250/$6,450

$1,250/$2,500

$6,250/$12,500

$3,300/$6,550

$1,250/$2,500

$6,350/$12,700

 


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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