518-373-4111
According to the IRS, many pension plan limitations will change for 2015 because the increase in cost-of-living met the statutory thresholds that trigger their adjustment. The 401K contribution limits for 2015 that participants can elect to contribute on a tax deferred basis is $18,000. (This is also the amount for 403(b) plans and most 457 plans.) The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $5,500 to $6,000.
Here is a table listing the limits for other types of accounts plus key figures:
| Qualified Plan Limits |
2015 |
2014 |
| Defined Contribution Plan Dollar limit on additions on Sections 415(c)(1)(A) | $53,000 | $52,000 |
| Defined Benefit Plan limit on benefits | $210,000 | $210,000 |
| Maximum compensation used to determine contributions | $265,000 | $260,000 |
| SIMPLE deferrals | $12,500 | $12,000 |
| Compensation defining highly compensated employee | $120,000 | $115,000 |
| Compensation defining key employee (officer) | $170,000 | $170,000 |
| Compensation triggering Simplified Employee Pension contribution requirement | $600 | $550 |
For more information, contact GTM at (518) 373-4111.
