The IRS and Social Security released new limits recently (estimates below were confirmed). Increases of note are: the maximum contribution to a defined contribution plan went from $52,000 to $53,000, the 401(k) maximum went from $17,500 to $18,000, and the 401(k) catch-up maximum went from $5,500 to $6,000. For more details, click on the link […]
Author: Ed Snyder
New limits for 2015 – estimated
Official word hasn’t come out yet, but based on current CPI information, we are expecting increases in some of the basic plan limits: 401(k) maximum deferral will increase from $17,500 to $18,000 401(k) catch-up maximum will increase from $5,500 to $6,000 overall maximum contribution will increase from $52,000 to $53,000 (effectively $59,000 if catch-up eligible) […]
Restatements, again!
Under current IRS rules and procedures, most qualified retirement plans must be restated (rewritten from scratch) every 6 years…just because. (OK, not really “just because”; there are historical reasons that we won’t bore you with, but in a nutshell, Congress, DOL and the IRS tinker with the rules so often that there are usually valid […]
New limits for 2014
The IRS and Social Security released new limits recently. Inflation, while still modest, is starting to click some of these numbers up each year; e.g. the maximum contribution to a defined contribution plan went from $51,000 to $52,000 (but the 401(k) maximum stayed the same at $17,500). For more details, click on the link for […]