The 2014 plan limits, applicable to defined benefit and defined contribution plans, have been issued by the IRS (highlights below).
| 2013 | 2014 |
Defined benefit plan annual limit | $205,000 | $210,000 |
Defined contribution plan annual limit | $51,000 | $52,000 |
Elective deferral limit for purposes of cash or deferred arrangements (401(k) plans) and tax-sheltered annuities (403(b) plans) | $17,500 | $17,500 |
Maximum deferral limit for 457 plans | $17,500 | $17,500 |
>Age 50 Catch-up Contribution Limit to 401(k), 403(b) or 457(b) Plans | $5,500 | $5,500 |
Maximum deferral limit for SIMPLE plans | $12,000 | $12,000 |
>Age 50 Catch-up Contribution Limit to SIMPLE Plans | $2,500 | $2,500 |
Minimum compensation considered in determining eligibility for a SEP | $550 | $550 |
Threshold for Highly compensated employee (HCE) | $115,000 | $115,000 |
Key Employee Compensation Limit for Top Heavy Plan Purposes | $165,000 | $170,000 |
Annual compensation limit | $255,000 | $260,000 |
Sources: