2014 EMPLOYEE BENEFIT PLAN LIMITS
The IRS recently released employee benefit plan limits for 2014. Some of the plan limitations will change for 2014, because the increase in the cost-of-living index (COLA) met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged.
PLAN LIMITATIONS |
2012 |
2013 |
2014 |
Annual Compensation Limit |
$250,000 | $255,000 | $260,000 |
Defined Contribution Maximum Annual Contribution |
$50,000 | $51,000 | $52,000 |
Annual §401(k) Employee Deferral Limit |
$17,000 | $17,500 | $17,500 |
Age 50 Catch-up Contributions to §401(k) Plan |
$5,500 | $5,500 | $5,500 |
Highly Compensated Employee Threshold |
$115,000 | $115,000 | $115,000 |
Income subject to Social Security Wage Base |
$110,100 | $113,700 | $117,000 |
Please share this information with your payroll personnel so they are aware of these limits.
