written by Kevin Hogan

The IRS recently provided the retirement plan limits for 2015, many of which have increased from 2014.

The following plan limits are effective January 1, 2015:

  • 401(k) & 403(b) elective deferrals – 2014 limit of $17,500 was increased to $18,000 in 2015.
  • 401(k) & 403(b) catch-up contributions for employees age 50 and older – 2014 limit of $5,500 was increased to $6,000 in 2015.
  • SIMPLE accounts contribution– 2014 limit of $12,000 was increased to $12,500 in 2015.
  • SIMPLE accounts catch-up contributions for employees age 50 and older – 2014 limit of $2,500 was increased to $3,000 in 2015.
  • Annual additions to an individual’s defined contribution plan account – 2014 limit of $52,000 was increased to $53,000 in 2015.
  • Annual compensation limit to determine various benefit amounts – 2014 limit of $260,000 was increased to $265,000 in 2015.
  • Highly compensated employee – 2014 limit of $115,000 was increased to $120,000 in 2015.
  • Individual retirement accounts (IRA’s) contribution – 2014 limit of $5,500 was unchanged for 2015.
  • IRA catch-up contribution for individuals age 50 and older – 2014 limit of $1,000 was unchanged for 2015.
  • Individual HSA contribution – 2014 limit of $3,300 was increased to $3,350 in 2015.
  • Family HSA contribution – 2014 limit of $6,500 was increased to $6,650 in 2015.
  • HSA catch-up contribution for individuals age 55 and older – 2014 limit of $1,000 was unchanged for 2015

For additional information regarding your retirement plan needs, please contact The Whitlock Company 417-881-0145.