The IRS recently announced the 2015 cost-of-living adjustments for the annual contribution and other dollar limits affecting 401(k) plans and other retirement plans. Highlights include an increase of $500 to the annual maximum salary deferral for 401(k) plans as well as the catch-up limit for individuals age 50 or older.
Limits for 2015 are as follows:
|Annual Salary Deferral 401(k) and 403(b) Plans||$18,000|
|Age 50 catch-up contributions||$6,000|
|Maximum total annual contributions||$53,000|
|Maximum annual compensation||$265,000|
|Traditional and Roth IRA contributions||$5,500|
|Traditional and Roth IRA catch-up contributions||$1,000|
|SIMPLE 401(k) and IRA contribution limit||$12,500|
|Compensation dollar limit used to determine key employees in a top-heavy plan||$170,000|
|Compensation threshold for highly-compensated employees "HCE"||$120,000|
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