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ARTICLE · 28 OCTOBER 2014

Higher Retirement Plan Contribution Limits Announced For 2015

Herrick, Feinstein LLP
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The catch-up contribution for employees who are age 50 or older will increase from $5,500 to $6,000.

United StatesEmployment and HR
Fred R. Green
Fred R. Green
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The cost-of-living adjustments affecting the dollar limits for qualified retirement plans for 2015 has been issued by the Internal Revenue Service. Among the changes to the limits is the increase to the elective deferral amount from $17,500 to $18,000 for employees who participate in 401(k) plans or 403(b) plans. The catch-up contribution for employees who are age 50 or older will increase from $5,500 to $6,000. The schedule below shows the new dollar amounts for the limits commonly used in the administration of retirement plans.

Administrators of qualified retirement plans should review their plan documents and employee communications and update such materials as necessary to reflect the new limits for 2015.

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