IRS and SSA Announce 2015 Limits
Newsletter
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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