Sunday, December 1, 2013

Cost of Living Adjustments for 2014

COST-OF-LIVING ADJUSTMENTS
2014

Pension Plan and Related Limits
2013
2014
Pre-tax elective deferral maximum under IRC § 401(k), 403(b), and 457(b) plans
$17,500
$17,500
Age 50 and older “catch-up” adjustment for 401(k), 403(b), and governmental 457(b) plans and SEPs
$5,500
$5,500
Annual compensation limit under IRC §§ 401(a)(17), 404(l) and 408(k)
$255,000
$260,000
Annual benefit limit for defined benefit plans under IRC § 415(b)
$205,000
$210,000
Annual contribution limit for defined contribution plans under IRC § 415(c)
$51,000
$52,000
Highly compensated employee threshold for purposes of testing in the following year under IRC § 414(q)(1)(B)
$115,000
$115,000
Key employee threshold for top heavy plan under IRC § 416(i)
$165,000
$170,000
IRC § 430(c)(7)(D)(i)(II) amount for determining excess employee compensation for single-employer defined benefit plans where election has been made
$1,066,000
$1,084,000
ESOP account balance for five-year and one-year distribution rule under IRC § 409(o)(1)(C)(ii)
$1,035,000
and $205,000
$1,050,000
and
$210,000
SEP pension compensation threshold under IRC § 408(k)
$550
$550
SIMPLE plan elective deferral limit under IRC § 408(p)(2)(E)
$12,000
$12,000
SIMPLE plan age 50 catch-up
$2,500
$2,500
Basic IRA/Roth IRA contribution limitation under IRC § 219(b)/§ 408A (age 50 $1,000 catch-up for IRAs does not have cost-of-living adjustment)
$5,500
$5,500
Phase-out for deductions for IRA for married couples filing jointly, in which the spouse who makes the IRA contribution is an active participant in an employer-sponsored retirement plan
$95,000 to
$115,000
$96,000 to $116,000
Adjusted gross income (AGI) phase-out range for married joint filers taxpayers making contributions to a Roth IRA
$178,000 to
$188,000
$181,000 to $191,000
AGI limit for retirement savings contributions (saver's) credit for married couples filing jointly
$59,000
$60,000
Health Savings Account contribution limits (single and family)
$3,250 and
$6,450
$3,300 and $6,550
Maximum monthly benefit guarantee by PBGC
$4,789.77

TBA
PBGC flat-rate premium for a single-employer plans (as amended by MAP-21 2012 legislation)
$42
$49
Taxable wage base subject to FICA tax
$113,700
$117,000


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