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
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