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ARTICLE · 06 NOVEMBER 2014

IRS Publishes 2015 Retirement Plan Limitations

Day Pitney LLP
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The IRS announced cost-of-living adjustments applicable to certain dollar limitations for employee pension benefit plans for 2015: ..

United StatesEmployment and HR
Kathy Lawler
Kathy Lawler
David Doyle
David Doyle
Frank Rubinetti
Frank Rubinetti
Liza Hecht
Liza Hecht
Madeline Sexton Lewis
Madeline Sexton Lewis
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The IRS announced cost-of-living adjustments applicable to certain dollar limitations for employee pension benefit plans for 2015:

  • The annual benefit limit for defined benefit plans remains unchanged at $210,000.
  • The annual addition limit for defined contribution plans is increased from $52,000 to $53,000.
  • The annual limit with respect to the exclusion for elective deferrals to a 401(k), 403(b) or 457 plan is increased from $17,500 to $18,000.
  • The annual limit on yearly contributions to an individual retirement account ("IRA") remains unchanged at $5,500. The dollar limit for catch-up contributions to an IRA remains unchanged at $1,000.
  • The annual limit on compensation that can be taken into account under a qualified retirement plan is increased from $260,000 to $265,000.

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