On October 23, 2014, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. See the chart below for further details.
|
2014 |
2015 |
|
| RETIREMENT PLANS | ||
| Annual Compensation Limits For Retirement Program Purposes | 260,000 | 265,000 |
| Elective Deferrals 403(b) – (for under age 50) | 17,500 | 18,000 |
| Catch-up Contributions For 403(b) Plan Participants age 50 and over | 5,500 | 6,000 |
| 457 (b) Elective Deferrals | 17,500 | 18,000 |
| 457(b) Catch Up Contribution (Subject To Age And Other Restrictions) | 17,500 | 18,000 |
| Defined Contribution Limits On Maximum Combined Employee/Employer Contributions To Defined Contributions Plans | 52,000 | 53,000 |
| OTHER | ||
| Social Security Taxable Wage Base | 117,000 | 118,500 |
| Medicare Wage Base | No Limit | No Limit |
All figures in US dollars.
Sources: www.tiaa-cref.org, www.irs.gov
Follow @franklindaniel_ on Twitter for up to date information on retirement benefits.