IRS Announces 2013 Plan Contribution and Benefit Limits

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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

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