Employee Benefits

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IRS and SSA Announce 2015 Limits

Employee Benefits Law Alert

On October 23rd, the IRS announced the following cost-of-living adjustments to various benefit limits for 2015, and the Social Security Administration announced the 2015 wage base.

2015 2014
Deferral Limit (401(k), 403(b), 457(b)) $18,000 $17,500
Catch-Up Contribution Limit $6,000 $5,500
Highly Compensated Employee Threshold $120,000 $115,000
Annual Contribution Limit for Defined Contribution Plans $53,000 $52,000
Annual Benefit Limit for Defined Benefit Plans $210,000 $210,000
Annual Compensation Limit $265,000 $260,000
Key Employee Determination Limit $170,000 $170,000
ESOP Limits:
- Maximum Balance in an ESOP Subject to 5 Year Distribution Period    $1,070,000 $1,050,000
- Amount used to Determine Lengthening of 5 Year Distribution Period $210,000 $210,000
IRA Contribution Limit $5,500 $5,500
IRA Catch-Up Contribution Limit $1,000 $1,000
FICA Wage Base $118,500 $117,000

For more information, please contact your local Quarles & Brady attorney. 

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