|
The Internal Revenue Service has announced the cost-of-living changes applicable to 2008 dollar limitations for pension plans.
The Economic Growth and Tax Relief Act of 2001 (EGTRRA) also adjusted several limits on an annual basis under section 415 of the Internal Revenue Code.
|
Code
Section |
2008 |
2007 |
401 Annual
Compensation |
$230,000 |
$225,000 |
401k Elective
Deferrals |
15,500 |
15,500 |
Maximum Net Income /
Compensation |
$230,000 |
225,000 |
SIMPLE
Maximum
Contributions |
10,500 |
10,500 |
Highly
Compensated Threshold |
105,000 |
100,000 |
401k/403(b)
Catch-up
Contributions |
5,000 |
5,000 |
| 415 Defined Benefit Limits |
185,000 |
180,000 |
| 415 Defined Contribution Limits |
46,000 |
45,000 |
| 416 Key Employee |
150,000 |
145,000 |
| 457Deferral Limits |
15,500 |
15,500 |
|
Social Security Wage Base |
102,000 |
97,500 | |
