Monday, January 5, 2015

Here are the 2015 Cost of Living Adjustments

Maximum annual payout from a defined benefit plan at or after age 62 (plan year ending in stated calendar year)
Maximum annual contribution to an individual's defined contribution account (plan year ending in stated calendar year)
Maximum Section 401(k), 403(b) and 457(b) elective deferrals (under Code Section 402(g))
Section 414(v)(2)(B)(i) catch-up limit for individuals aged 50 and older
Maximum amount of annual compensation that can be taken into account for determining benefits or contributions under a qualified plan (plan year beginning in stated calendar year)
Test to identify highly compensated employees, based on compensation in preceding year (plan year beginning in stated year determines "highly compensated" status for next plan year)
Wage Base For Social Security Tax
Wage Base For Medicare
No Limit
No Limit
Amount of compensation to be a "key" employee

* There are late-retirement adjustments for benefits starting after age 65.
** Plus "catch-up" contributions.
*** These are calendar year limitations.