Annual Limit on Contributions and Compensation

Type of Limitation

2015 $

2014 $

2013 $

 

 

 

 

Annual Compensation Limit:

 

 

 

Qualified Plans

265,000

260,000

255,000

SAR SEP

265,000

260,000

255,000

SEP Compensation Limit (minimum)

600

550

550

SEP Compensation Limit (maximum)

265,000

260,000

255,000

 

 

 

 

Limits on benefits and contributions:

 

 

 

Defined Contribution Plans 1

53,000

52,000

51,000

Defined Benefit Plans 1

210,000

210,000

205,000

401(k), 403(b), 457(b)(2) and 457(c)(1) 2

18,000

17,500

17,500

SIMPLE Plans

12,500

12,000

12,000

IRA

5,500

5,500

5,500

 

 

 

 

Catch-up contributions:

 

 

 

401(k), 403(b), 457(b)(2) and 457(c)(1)3

6,000

5,500

5,500

SIMPLE Plans

3,000

2,500

2,500

IRA

1,000

1,000

1,000

 

 

 

 

Highly Compensated Threshold

120,000

115,000

115,000

 

 

 

 

Key Employee Threshold:

 

 

 

Officer

170,000

170,000

165,000

1% Owner

150,000

150,000

150,000

 

 

 

 

Social Security:

 

 

 

Income Subject to Social Security Tax

118,500

117,000

113,700

Tax Rate

6.20%

6.20%

6.20%

Medicare Tax Rate

1.45%

1.45%

1.45%

Combined Rate

7.65%

7.65%

7.65%

 

 

 

 

Other:

 

 

 

Tax Credit ESOP Threshold Bal

1,070,000

1,050,000

1,035,000

Amount for Lengthening of 5 yr ESOP Period

210,000

210,000

205,000

1 Effective for limitation years ending in calendar year
2 Effective for limitation years beginning in calendar year
3 Catch up contributions may only be made after the annual deferrals have been maximized either based on the annual limit, or a limitation imposed by your plan document.

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