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2014 Cost of Living Adjustments to Qualified Retirement Plan Limits

The Internal Revenue Code limits benefits and contributions which may be provided under tax-qualified retirement plans. The following chart sets forth the limits that apply for 2014, 2013 and 2012.

 

2014

2013

2012

IRAs

IRA Contribution Limit

5,500

5,500

5,000

IRA Catch-Up Contributions

1,000

1,000

1,000

IRA AGI Deducation Phase-out Starting at

Joint Return

96,000

95,000

92,000

Single or Head of Household

60,000

59,000

58,000

SEP

SEP Minimum Compensation

550

550

550

SEP Maximum Contribution

52,000

51,000

50,000

SEP Maximum Compensation

260,000

255,000

250,000

SIMPLE Plans

SIMPLE Maximum Contributions

12,000

12,000

11,500

Catch-up Contributions

2,500

2,500

2,500

401(k), 403(b), Profit-Sharing Plans, etc.

Annual Compensation

260,000

255,000

250,000

Elective Deferrals

17,500

17,500

17,000

Catch-up Contributions

5,500

5,500

5,500

Defined Contribution Limits

52,000

51,000

50,000

ESOP

1,050,000

210,000

1,035,000

205,000

1,015,000

200,000

Other

HCE Threshold

115,000

115,000

115,000

Defined Benefit Limits

210,000

205,000

200,000

Key Employee

170,000

165,000

165,000

457 Elective Deferrals

17,500

17,500

17,000

Control Employee (board member or officer)

105,000

100,000

100,000

Control Employee (compensation-based)

210,000

205,000

205,000

Taxable Wage Base

117,000

113,700

110,100

 

Source: Internal Revenue Service; Page Last Updated on November 8, 2013.

©2019 von Briesen & Roper, s.c

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Timothy C. McDonald, von Briesen Roper Law Firm, Milwaukee, HealthCare Law Attorney

Timothy McDonald is a Shareholder in the Compensation & Benefits/ERISA Section. His practice focuses on health and welfare, corporate pension, 401(k), profit sharing, 403(b), executive compensation, nonqualified deferred compensation, employee stock ownership (including S corporation ESOPs), cafeteria, voluntary employees’ beneficiary association (VEBA), and flexible benefit programs. He works with publicly-traded and private for-profit businesses, tax-exempt entities, municipalities and school districts, and religiously affiliated institutions. The best endorsement...

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George Evans, Von Briesen Roper Law Firm, Milwaukee, Estate Planning Law Attorney

George Evans began his legal career representing privately owned companies with the objective of helping such companies and their owners and employees achieve financial goals. This included drafting pension and profit-sharing plans and advising corporate officers and fiduciaries regarding plan administration.

Over the years, George’s practice has increasingly focused on personal services for individuals and families. Today he advises clients on all aspects of income, gift, estate, and generation-skipping transfer taxation, and frequently supervises or manages the administration of estates and trusts.

George is a member of the Milwaukee Estate Planning Association and the Milwaukee Estate Planning Forum and was a founding member and director of Wisconsin Retirement Plan Professionals, Ltd. He has been an active participant in State Bar of Wisconsin and Milwaukee Bar Association activities.

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Kenneth Hoogstra, von Briesen Roper Law Firm, Milwaukee, Employment and Tax Law Attorney

Ken Hoogstra maintains an extensive employee benefits practice, advising clients on such matters as ERISA compliance for group health, welfare and pension plans, and the design and administration of qualified retirement plans and nonqualified deferred compensation plans. Recognized in Best Lawyers in America® in Employee Benefits Law, Ken places a particular focus on executive compensation arrangements, including compliance with tax laws such as Internal Revenue Code Sections 162(m), 280G and 409A, as well as disclosure requirements for executive compensation...

414-287-1376
Catherine Conway, Von Briesen Roper Law Firm, Labor and Employment, Health Care and Tax Law Attorney

Catherine Conway is a Shareholder in our Milwaukee office. Cathy has worked extensively with clients on designing and administering qualified and nonqualified retirement and deferred compensation plans, insured and self-insured health plans, cafeteria plans, compliance with federal and state health care continuation requirements (COBRA) and other employee benefit matters. In this capacity, she advises clients regarding employee benefit issues in mergers and acquisitions and day-to-day compliance with requirements under ERISA, the Internal Revenue Code and provisions of...

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Daniel S. Welytok, von Briesen Roper Law Firm, Milwaukee, Corporate Law Attorney

Dan Welytok is a Shareholder in the Milwaukee office of von Briesen & Roper, s.c. Dan’s practice focuses on helping management achieve practical results in all aspects of business. He assists clients nationally and internationally with business development, tax issues, acquisitions and divestments, capital structuring, financing, corporate governance, information technology, licensing and distribution, regulatory and compliance issues, labor and employee benefits matters, and dispute resolution. Dan represents clients before the Internal Revenue Service, the...

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