IRS Announces 2014 Plan Contribution and Benefit Limits

Categories: For Faculty, For Staff

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.

 

2013

2014

RETIREMENT PLANS
Annual Compensation Limits  For Retirement Program Purposes 255,000 260,000
Elective Deferrals 403(b) – (for under age 50) 17,500 17,500
Catch-up Contributions For 403(b) Plan Participants age 50 and over  5,500 5,500
457 (b) Elective Deferrals 17,500 17,500
457(b) Catch Up Contribution (Subject To Age And Other Restrictions) 17,500 17,500
Defined Contribution Limits On Maximum Combined Employee/Employer Contributions To Defined Contributions Plans 51,000 52,000
   OTHER    
Social Security Taxable Wage Base 113,700 117,000
Medicare Wage Base No Limit No Limit

 

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