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.
|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
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