IRS ANNOUNCES NEW RETIREMENT PLAN LIMITS FOR 2010 PLAN YEARS

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The Internal Revenue Service recently announced the 2010 cost of living adjustments for retirement plan limits.  The limits generally remain unchanged.

LIMITS

2010

2009

2008

       
Salary Deferral Limit for 401(k), 403(b), 457(b) Plans

$16,500

$16,500

$15,500

Catch-up Contribution Limit  for 401(k), 403(b), 457(b) Plans

$5,500

$5,500

$5,000

Maximum Annual Addition to a Defined Contribution Plan (does not included catch-ups)

$49,000

$49,000

$46,000

Maximum Compensation for Benefit Purposes

$245,000

$245,000

$230,000

IRA Contribution Limit

$5,000

$5,000

$5,000

IRA Catch-up Contribution Limit

$1,000

$1,000

$1,000

Employee Contribution to a SIMPLE Plan

$11,500

$11,500

$10,500

Employee Catch-up Contribution to a SIMPLE Plan

$2,500

$2,500

$2,500

Highly Compensated Employee Compensation

$110,000

$110,000

$105,000

Social Security Taxable Wage Base

$106,800

$106,800

$102,000

 

For additional cost of living adjustments, go to http://www.irs.gov/newsroom/article/0,,id=214321,00.html.

If you should have any questions, please feel free to contact Mark E. Flanagan of Aronson & Company’s Benefit Plan Services Group at 301-231-6257.

About Aronson LLC

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Aronson LLC has been thinking ahead for its clients for more than 50 years. Aronson’s construction, real estate, government contracting, nonprofit, technology and private industry experts provide innovative audit, tax, and consulting services that help its clients move to the next level. From start-up to exit strategy, Aronson works with companies throughout the entire business lifecycle by proactively identifying opportunities and addressing challenges so that clients are able to focus on their core business. Aronson shows companies how to rethink everything to be more profitable, more competitive and better prepared for the future.

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