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:
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2013
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2014
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Elective Deferral Limit 401(k), 403(b), 457(b)
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$17,500
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$17,500
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Catch-up Limit (age 50+)
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$5,500
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$5,500
|
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Defined Benefit Limit
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$205,000
|
$210,000
|
|
Defined Contribution Limit
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$51,000
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$52,000
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Dollar Limit – Highly Compensated Employees
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$115,000
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$115,000
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Officer-Key Employee
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$165,000
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$170,000
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Annual Compensation Limit
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$255,000
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$260,000
|
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SEP Eligibility Compensation Limit
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$550
|
$550
|
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SIMPLE Deferral Limit
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$12,000
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$12,000
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SIMPLE Catch-up Limit (age 50+)
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$2,500
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$2,500
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Social Security Taxable Wage Base
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$113,700
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$117,000
|
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ESOP 5 Year Distribution Extension
Account minimum
Additional amount for 1 year extension
|
$1,035,000
$205,000
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$1,050,000
$210,000
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HSA (self/family)
Maximum annual contribution
HDHP minimum deductible limits
Out-of-pocket expense annual maximum
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$3,250/$6,450
$1,250/$2,500
$6,250/$12,500
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$3,300/$6,550
$1,250/$2,500
$6,350/$12,700
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