Retirement Plan Limitations for 2015
October 28, 2014
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 |
