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
|
$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)
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| Compensation Threshold for SEP Eligibility (§ 408(k)(2)(C)) |
$550 |
$550 |
$550 |
$550 |
$550 |
$500 |
|
FICA Taxable Wage Base |
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| 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 |
