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Uniglobal News

2015 COLA Increases for Dollar Limitations on Retirement Plan Benefits and Contributions

10/31/2014

IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute Up to $18,000 to Their 401(k) Plans in 2015

The IRS announced on October 23, 2014 cost-of-living adjustments (COLA) applicable to dollar limitations for pension plans and other plan related items for the 2015 tax year. Further information can be found at the IRS website article.

Most notably are the increases to 401(k), 403(b), and 457 retirement plan participant contributions. Considered compensation for plan purposes of the above has also increased.

The following chart illustrates the limits on contributions to Defined Contribution plans for the 2015 plan year as well as previous plan year limits.


Calendar Year

Annual Additions

Deferrals 401(k); 403(b)

Catch-Up

403(b)

SIMPLE

201553,00018,0006,00018,00012,500
201452,00017,5005,50017,50012,000
201351,00017,5005,50017,50012,000
201250,00017,0005,50017,00011,000


Calendar Year

SIMPLE Catch-Up

HCE Min. Comp.

Max Plan Comp.

Tax Wage Base

20153,000120,000265,000118,500
20142,500115,000260,000117,000
20132,500115,000255,000113,700
20122,500115,000250,000110,100


*please contact your Uniglobal plan administrator for full details on any of the above listed amounts and/or code sections.