Dollar Limits on Compensation and Benefits Announced

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The Internal Revenue Service has announced the 2015 cost-of-living adjustments for various limits affecting employee benefit plans. The more common limits are detailed below for 2014 and 2015.

2015 2014
401(k) & 403(b) Elective Deferrals $18,000 $17,500
Catch-Up Contribution forparticipants age 50 and over $6,000 $5,500
Defined Contribution Plans-IRC 415 (Including SEP and Keogh Plans) $53,000 $52,000
Maximum Benefit for Defined Benefit Plans (Note: This is not the maximum contribution; it is the maximum benefit that can be funded.) $210,000 $210,000
SIMPLE Retirement Plans
Elective …read more

Read more here:: Tax

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