Friday, November 8, 2013

2014 Pension Plan Limitations Announced

The 2014 pension plan limitations have been announced.  Below are some of the more common amounts.

The defined benefit plan limitation increases to $210,000 (up from $205,000 for 2013).  The defined contribution plan maximum increases to $52,000 (up from $51,000 for 2013).

The annual compensation limit for most employer contributions increases to $260,000 (up from $255,000 for 2013).

A year of service for SEP coverage remains at $550.

The maximum elective deferral for §401(k), §403(b), §457, and SARSEPs remains the same at $17,500 with the catch-up amount staying at $5,500.

The maximum elective deferral to SIMPLE plans remains at $12,000 with a catch-up of $2,500.

The IRS Notice also has the other pension related indexed amounts such as key employee, top heavy, and “control employee” limits.

A copy of this Notice can be found at by clicking on irs-news and then clicking on IR-13-85

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