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New IRS Adjustments to Retirement Plans for 2015

The Internal Revenue Service has just announced the cost-of-living adjustments and other dollar limitations for retirement plans that take effect January 1, 2015.

Maximum Defined Contribution Plan Annual Addition
$53,000 - increase of $1,000 from 2014.
Effective for limitation years ending in 2015.

Salary Deferral Limit
$18,000 - increase of $500 from 2014.

Catch-up Limit for 401(k), 403(b), and 457 Plans
$6,000 - increase of $500 from 2014.

HCE Compensation
$120,000 - increase of $5,000 from 2014.
Applies for determining HCE's in 2016, based on compensation in 2015.

Maximum Compensation for Retirement Plan Purposes
$265,000 - increase of $5,000 from 2014.
Applies to plan years beginning in 2015.

Compensation for Determining if Officers can be Key Employees
$170,000 - remains unchanged from 2014.

Taxable Wage Base
$118,500 - increase of $1,500 from 2014.

New IRS rules for IRA rollovers