The IRS has released cost-of-living adjusted dollar limits for qualified retirement plans and other retirement-related items for 2013. Those limits are summarized in the chart below.
|
Type of Limit |
2013 |
2012 |
2011 |
|
402(g) Limit on Elective Deferrals |
$17,500 |
$17,000 |
$16,500 |
|
Section 414(v) Limit for Catch-up Contributions |
$5,500 |
$5,500 |
$5,500 |
|
415 Limit for Defined Contribution Plans |
$51,000 |
$50,000 |
$49,000 |
|
415 Limit for Defined Benefit Plans |
$205,000 |
$200,000 |
$195,000 |
|
Annual Compensation Limit |
$255,000 |
$250,000 |
$245,000 |
|
Highly Compensated Employee Threshold (414(a)(1)(B)) |
$115,000 |
$115,000 |
$110,000 |
|
Key Employee in top-heavy plan (416(i)) |
$165,000 |
$165,000 |
$160,000 |
|
Maximum ESOP account balance subject to 5-year distribution period (409(o)) |
$1,035,000 |
$1,015,000 |
$985,000 |
|
Threshold for lengthening ESOP 5-year distribution period (409(o)) |
$205,000 |
$200,000 |
$195,000 |
|
Social Security Taxable Wage Base |
$113,700 |
$110,100 |
$106,800 |
|
SIMPLE Salary Deferral Limit |
$12,000 |
$11,500 |
$11,500 |
|
SIMPLE Catch-up Contribution Limit |
$2,500 |
$2,500 |
$2,500 |
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
