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Recent changes affecting employee benefit plans.

Retirement Plan Limitations for 2015

As an ongoing service to our clients, EisnerAmper LLP is providing this Alert to keep you abreast of the recent changes affecting employee benefit plans.

The Internal Revenue Service announced on October 23 the cost-of-living adjustments applicable to the dollar limitations for pension plans and defined contribution plans for the tax year 2015. Several of the limits have changed from 2014 as noted below.

Code Section 2015   2014 2013
IRAs 
IRA Contribution Limit – 219(b)(5)(A)     $5,500 5,500  5,500 
IRA Catch-Up Contributions – 219(b)(5)(B)     $1,000 1,000  1,000 
  
IRA AGI Deduction Phase-out Starting at 
Joint Return        $98,000 96,000  95,000 
Single or Head of Household     $61,000 60,000  59,000 
SEP 
SEP Minimum Compensation – 408(k)(2)(C)        $550 550  550 
SEP Maximum Compensation – 408(k)(3)(C)     $265,000 260,000  255,000 
401(k), 403(b), Profit-Sharing Plans, etc. 
Annual Compensation – 401(a)(17)/404(l)     $265,000 260,000  255,000 
Elective Deferrals – 402(g)(1)     $18,000 17,500  17,500
Catch-up Contributions – 414(v)(2)(B)(i)     $6,000 5,500  5,500 
Defined Contribution Limits – 415(c)(1)(A)      $53,000 52,000  51,000 
ESOP Limit – 409(o)(1)(C) – Account Balance     $1,070,000 1,050,000   1,035,000 
ESOP Limit – 409(o)(1)(C) – Lengthening 5-Year Period $210,000 210,000  205,000 
Other 
HCE Threshold – 414(q)(1)(B)               $120,000 115,000  115,000 
Defined Benefit Annual Limit – 415(b)(1)(A)     $210,000 210,000  205,000 
Key Employee – 416(i)(1)(A)(i)     $170,000 170,000  165,000 
457 Elective Deferrals – 457(e)(15)     $18,000 17,500  17,500 
Control Employee – 1.61-21(f)(5)(i)       $105,000 105,000  100,000 
Control Employee – 1.61-21(f)(5)(iii)     $215,000 210,000  205,000 
Social Security Taxable Wage Base     $118,500 117,000 113,700 
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