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October 11, 2012

2013 Pension and Retirement Plan Limits

The 2013 plan limits, applicable to defined benefit and defined contribution plans, have been issued by the IRS (highlights below; also see IRS COLA table).

 

2012

2013

Defined benefit plan annual limit

$200,000

$205,000

Defined contribution plan annual limit

$50,000

$51,000

Elective deferral limit for purposes of cash or deferred arrangements (401(k) plans) and tax-sheltered annuities (403(b) plans)

 $17,000

 $17,500

Maximum deferral limit for 457 plans

$17,000

$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

$11,500

$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

 $165,000

Annual compensation limit

$250,000

$255,000

 

 

 

 

 

 

 

 

The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations.

As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this Benefit Beat is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.

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