IRS Announces Retirement Plan Limitations for 2015

The Internal Revenue Service and Social Security Administration announced cost of living adjustments applicable to dollar limitations for qualified retirement plans, and other limits  for tax year 2015.  The important limits are provided below:

Limits: 

401(k), 403(b) & 457(b) deferrals $18,000
Catch-up 401(k), 403(b) & 457(b) $6,000
415(c) Limit $53,000
Annual Compensation Limit $265,000
HCE Compensation Limit $120,000
Maximum Pension at age 62 $210,000
SIMPLE Deferrals $12,500
SIMPLE Catch-up $3,000
SEP Minimum Compensation $600
Key Employee Limit, Officer Test $170,000
IRAs for individuals age 49 & below $5,500
IRAs for individuals age 50 & above $6,500
Soc. Sec.Taxable Wage Base $118,500

                                                

2015 limits reflect issuance of IRS News Release IR-2014-99 (October 23, 2014) and Social Security Administration News Release (October 22, 2014).

The IRS news release can be viewed at:http://www.irs.gov/uac/Newsroom/IRS-Announces-2015-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$18,000-to-their-401(k)-plans-in-2015
The Social Security Administration news release can be viewed at: http://www.ssa.gov/news/#!/print/10-2014-2