Updated Qualified Retirement Plan Limits For 2014

November 01, 2013, 02:25 PM

The IRS released on October 31st, 2013the updated qualified retirement plan limits for 2014. Many of the limits are unchanged from 2013, including IRA contribution limits of $5,500, maximum elective participant deferrals to 401(k), 403(b), and 457(b) plans of $17,500 and the respective catch-up contribution limits of $1,000 and $5,500. The maximum annual defined contribution amount got a slight bump from $51,000 to $52,000, as did compensation that may be taken into account for qualified plans, which rose from $255,000 to $260,000. In a separate announcement we’ve also learned the Social Security taxable wage base will rise from $113,700 to $117,000.