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IRS Announces 2014 Retirement Plan Limits

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On October 31, 2013, the IRS announced the cost-of-living adjustments that will affect the dollar limitations for pension and other retirement plans for the 2014 tax year.  Notably, the $17,500 annual contribution limit for employees who participate in 401(k) plans remains the same for 2014.

Maximum   Qualified Retirement Plan Dollar Limits



Limit on Section 401(k)   deferrals (Section 402(g))



Dollar limitation for catch-up   contributions (Section 414(v)(2)(B)(i))



Limit on deferrals for   government and tax-exempt organization deferred compensation plans (Section 457(e)(15))



Annual benefit limitation for   a defined benefit plan (Section 415(b)(1)(A))



Limitation on annual   contributions to a defined contribution plan (Section 415(c)(1)(A))



Limitation on compensation   that may be considered by qualified retirement plans (Section 401(a)(17))



Dollar amount for the   definition of highly compensated employee (Section 414(q)(1)(B))



Dollar amount for the   definition of key employee in a top-heavy plan (Section 416(i)(1)(A)(i))



Dollar amount for determining   the maximum account balance in an ESOP subject to a five-year distribution   period (Section 409(o)(1)(C)(ii))



SIMPLE retirement account limitation   (Section 408(p)(2)(E))



Social Security Taxable Wage   Base



If you would like to read the IRS announcement in its entirety, click here.