On October 18, 2012, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013. See the chart below for further details.
2013 |
2012 |
|
RETIREMENT PLANS | ||
Annual Compensation Limits For Retirement Program Purposes | 255,000 | 250,000 |
Elective Deferrals 403(b) – (for under age 50) | 17,500 | 17,000 |
Catch-up Contributions For 403(b) Plan Participants age 50 and over | 5,500 | 5,500 |
457 (b) Elective Deferrals | 17,500 | 17,000 |
457(b) Catch Up Contribution (Subject To Age And Other Restrictions) | 17,500 | 17,000 |
Defined Contribution Limits On Maximum Combined Employee/Employer Contributions To Defined Contributions Plans | 51,000 | 50,000 |
OTHER | ||
Social Security Taxable Wage Base | 113,700 | 110,100 |
Medicare Wage Base | No Limit | No Limit |