The IRS announced the Year 2014 cost-of-living adjustments for various provisions affecting employee benefit plans. The following table shows certain Year 2014 limits and those from prior years. Many of the 2014 limits listed below remain unchanged from 2013 because the increase in cost-of-living index did not meet the statutory thresholds that trigger their adjustment.
The IRS publication with a complete list of 2014 limits can be found here and the corresponding fact sheet on 2014 Social Security changes can be found here.
|
Plan Limits
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
§ 401(k) Plan, § 403(b) Plan, and § 457 Governmental Plan
|
$17,500
|
$17,500
|
$17,000
|
$16,500
|
$16,500
|
$16,500
|
|
§§ 401(k), 403(b) and 457 Catch-Up Contributions
|
$5,500
|
$5,500
|
$5,500
|
$5,500
|
$5,500
|
$5,500
|
|
SIMPLE Plan
|
$12,000
|
$12,000
|
$11,500
|
$11,500
|
$11,500
|
$11,500
|
|
SIMPLE § 401(k) and IRA Catch-Up Contributions
|
$2,500
|
$2,500
|
$2,500
|
$2,500
|
$2,500
|
$2,500
|
|
§ 415 Limit for
Defined Contribution Plan § 415(c)
Defined Benefit Plan § 415(b)
|
$52,000
$210,000
|
$51,000
$205,000
|
$50,000
$200,000
|
$49,000
$195,000
|
$49,000
$195,000
|
$49,000
$195,000
|
|
Highly Compensated Employee § 414(q)
|
$115,000
|
$115,000
|
$115,000
|
$110,000
|
$110,000
|
$110,000
|
|
Includible Compensation § 401(a)(17)
|
$260,000
|
$255,000
|
$250,000
|
$245,000
|
$245,000
|
$245,000
|
|
Key Employee Officer Group § 416
|
$170,000
|
$165,000
|
$165,000
|
$160,000
|
$160,000
|
$160,000
|
|
Compensation Threshold for SEP Eligibility § 408(k)(2)(C)
|
$550
|
$550
|
$550
|
$550
|
$550
|
$550
|
|
FICA Taxable Wage Base
|
|
|
|
|
|
|
|
Social Security (Tax Rate 6.20%)
|
$117,000
|
$113,700
|
$110,100
|
$106,800
|
$106,800
|
$106,800
|
|
Medicare (Tax Rate 1.45%)
|
No limit
|
No limit
|
No limit
|
No limit
|
No limit
|
No limit
|
