IRS Announces 2015 Limits 10/24/14

12-19-2014 | IRS

IRS Annual Compensation Limit increases to $265,000 for 2015.

WASHINGTON – The IRS has announced the 2015 pension plan limitations. Changes include increasing the annual compensation limit under 401(a)(17) from $260,000 to $265,000.  There an increase in the elective deferral limit for 403(b), 401(k), and most 457 plans from $17,500 to $18,000.

Other limits for 2014 include:

Annual benefit limit for a defined benefit plan (Section 415(b) limit): Remains at $210,000
Limit on additions to a defined contribution plan (Section 415(c) limit): $53,000
Contributions to an individual IRA: Remains at $5,500
 
The complete announcement can be found here: http://www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions