IRS Announces 2014 Limits 10/31/13

11-06-2013 | IRS

IRS Annual Compensation Limit increases to $260,000 for 2014.

10-31-2013
WASHINGTON – The IRS has announced the 2014 pension plan limitations. Changes include increasing the annual compensation limit under 401(a)(17) from $255,000 to $260,000.  There was no change in the elective deferral limit for 403(b), 401(k), and most 457 plans which remains at $17,500.

Other limits for 2014 include:

Annual benefit limit for a defined benefit plan (Section 415(b) limit): $210,000
Limit on additions to a defined contribution plan (Section 415(c) limit): $52,000
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