10.23.2012

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Updates

The IRS has announced the Year 2013 cost-of-living adjustments for various provisions affecting employee benefit plans.  The following table shows certain Year 2013 limits and those from prior years.  Many of the 2013 limits listed below have increased from 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.  The corresponding fact sheet on 2013 Social Security changes can be found here.
 

Plan Limits 

2013 

2012 

2011

2010 

2009 

2008 

§ 401(k) Plan, § 403(b) Plan
and § 457 Governmental Plan

 $17,500

 $17,000

 $16,500

 $16,500

 $16,500

 $15,500

§§ 401(k), 403(b) and 457
Catch-Up Contributions

 $5,500

 $5,500

 $5,500

 $5,500

 $5,500

 $5,000

SIMPLE Plan

 $12,000

 $11,500

 $11,500

 $11,500

 $11,500

 $10,500

SIMPLE § 401(k) and IRA
Catch-Up Contributions

 $2,500

 $2,500

 $2,500

 $2,500

 $2,500

 $2,500

 § 415 Limit for

  • Defined Contribution Plan
    (§ 415(c))
  • Defined Benefit Plan
    (§ 415(b))

$51,000

$205,000

$50,000

$200,000

 $49,000

$195,000

$49,000

$195,000

 $49,000

$195,000

 $46,000

$185,000

Highly Compensated Employees
(§ 414(q))

 $115,000

 $115,000

 $110,000

 $110,000

 $110,000

 $105,000

Includible Compensation
(§ 401(a)(17))

 $255,000

 $250,000

 $245,000

 $245,000

 $245,000

 $230,000

Key Employees (§ 416)

  • Officer Group

 
$165,000

 
$165,000

 
$160,000

 
$160,000

 
$160,000

 
$150,000

Compensation Threshold for
SEP Eligibility (§ 408(k)(2)(C))

 $550

 $550

 $550

 $550

 $550

 $500

 FICA Taxable Wage Base

           
Social Security
(Tax Rate 6.20%)

 $113,700

 $110,100

 $106,800

 $106,800

 $106,800

 $102,000

Medicare (Tax Rate 1.45%)

 No limit

 No limit

 No limit

 No limit

 No limit

 No limit