IRS Announces 2014 Plan Contribution and Benefit Limits

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On October 31, 2013, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014. See the chart below for further details.


20142013
RETIREMENT PLANS
Annual Compensation Limits - 401(a)(17)/404(l)260,000255,000
Elective Deferrals 401(k)/403(b) - 402(g)(1)17,50017,500
Catch-up Contributions - 414(v)(2)(B)(i)5,500 5,500
457 Elective Deferrals - 457(e)(15)17,50017,500
Defined Contribution Limits - 415(c)(1)(A)52,00051,000
Annual Compensation Limit for eligible participants in certain governmental plans in effect as of July 1, 1993 - 401(a)(17)385,000380,000
OTHER
Highly Compensated Employee Threshold - 414(q)(1)(B) Key115,000115,000
Defined Benefit Limits - 415(b)(1)(A)210,000205,000
Key Employee - 416(i)(1)(A)(i)170,000165,000
Social Security Taxable Wage Base117,000113,700
IRAS
IRA Contribution Limit - 219(b)(5)(A)5,5005,500
IRA Catch-Up Contributions - 219(b)(5)(B)1,0001,000
ROTH IRAS
Adjusted Gross Income (AGI) for determining maximum Roth IRA contribution – married filing jointly or qualifying widow(er)181,000178,000
AGI for determining maximum Roth IRA contribution – Other filing status114,000112,000
SEP
SEP Minimum Compensation - 408(k)(2)(C)550550
SEP Maximum Compensation - 408(k)(3)(C)260,000255,000
SIMPLE PLANS
SIMPLE Maximum Contributions - 408(p)(2)(E)12,00012,000
SIMPLE Catch-up Contributions - 414(v)(2)(B)(ii)2,5002,500

All figures in dollars.