The Internal Revenue Service recently announced the retirement plan limits for 2014, some of which are unchanged from 2013. The Social Security Administration has also announced the Social Security wage base for 2014. The following are some key retirement plan dollar limits for 2014 for retirement plan sponsors and participants, along with the prior year’s limits for comparison:
| Description |
2014 limit |
2013 limit |
| Elective deferral limit (for Code Section 401(k), 403(b) and 457(b) plans) – excluding catch-up contributions |
$17,500 |
$17,500 |
| Catch-up contribution limit |
$5,500 |
$5,500 |
| Annual limitation for defined contribution plans under Code Section 415 |
$52,000 |
$51,000 |
| Annual compensation limit |
$260,000 |
$255,000 |
| Compensation used to determine highly compensated employee status |
$115,000 |
$115,000 |
| Maximum earnings subject to Social Security tax |
$117,000 |
$113,700 |
If you have questions regarding the these Internal Revenue Service limits or other employee benefits matters, please contact your regular Hall Render attorney or a member of the Hall Render Employee Benefits group.
