BenefitsBCLP
2015 Qualified Plan Limits!
Oct 24, 2014They’re here! The 2015 IRS plan limitations arrived a full week earlier than last year. Most of the limitations have been adjusted upwards. See the chart below (after the jump) to see the new limits as well as a summary of the limits over the preceding three years.
| Type of Limitation | 2015 | 2014 | 2013 | 2012 |
| Elective Deferrals (401(k), 403(b), 457(b)(2) and 457(c)(1)) | $18,000 | $17,500 | $17,500 | $17,000 |
| Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans (457(b)(3) and 402(g) provide separate catch-up rules to be considered as appropriate) | $6,000 | $5,500 | $5,500 | $5,500 |
| SIMPLE 401(k) or regular SIMPLE plans, Catch-Up Deferrals | $3,000 | $2,500 | $2,500 | $2,500 |
| 415 limit for Defined Benefit Plans | $210,000 | $210,000 | $205,000 | $200,000 |
| 415 limit for Defined Contribution Plans | $53,000 | $52,000 | $51,000 | $50,000 |
| Annual Compensation Limit | $265,000 | $260,000 | $255,000 | $250,000 |
| Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 | $395,000 | $385,000 | $380,000 | $375,000 |
| Highly Compensated Employee 414(q)(1)(B) | $120,000 | $115,000 | $115,000 | $115,000 |
| Key employee in top heavy plan (officer) | $170,000 | $170,000 | $165,000 | $165,000 |
| SIMPLE Salary Deferral | $12,500 | $12,000 | $12,000 | $11,500 |
| Tax Credit ESOP Maximum balance | $1,070,000 | $1,050,000 | $1,035,000 | $1,015,000 |
| Amount for Lengthening of 5-Year ESOP Period | $210,000 | $210,000 | $205,000 | $200,000 |
| Taxable Wage Base | $118,500 | $117,000 | $113,700 | $110,100 |
| FICA Tax for employees and employers | 7.65% | 7.65% | 7.65% | 7.65% |
| Social Security Tax for employees | 6.2% | 6.2% | 6.2% | 4.2%* |
| Social Security Tax for employers | 6.2% | 6.2% | 6.2% | 6.2% |
| Medicare Tax for employers and employees | 1.45% | 1.45% | 1.45% | 1.45% |
| Additional Medicare Tax** | .9% of comp > $200,000 | .9% of comp > $200,000 | 0.9% of comp > $200,000 | - |
*This figure reflects a 2% reduction in the rate of tax for employees pursuant to the Tax Relief Act of 2010
**For taxable years beginning after 12/31/12, an employer must withhold Additional Medicare Tax on wages or compensation paid to an employee in excess of $200,000 in a calendar year.
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