The Internal Revenue Code provides for various dollar limitations on benefits, contributions, and compensation for tax-qualified employee benefit plans.  Recently, the Internal Revenue Service announced cost of living adjustments (COLAs) for 2014, including those applicable to 401(k) and other tax-qualified retirement plan limits.  Several dollar limits such as the salary deferral contribution limit to 401(k) plans increased, while other limitations remain unchanged.  Other highlights include:

• the maximum total contribution to a 401(k) or other “defined contribution” plan increased from $52,000 to $53,000.
• the salary deferral limit for 401(k), 403(b), and most 457 plans increased from $17,500 to $18,000. The age 50 or older catch-up contribution limit for these plans increased to $6,000.
• the annual benefit limit under a defined benefit plan remains unchanged at $210,000