By Mary Ellen Schill
October 24, 2014
The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. Many of the limits shown below increased from last year.
All of the above are plan year limits (i.e., for the plan year which begins in 2015), with the exception of the Code Section 401(k) and Code Section 403(b) elective deferral limit, which is a calendar year limitation. In addition, the Department of Health and Human Services has set the maximum taxable wages for the OASDI portion of the social security tax at $118,500 for 2015. If you have questions regarding the above, please contact Mary Ellen Schill, the author of this article, or any of the attorneys in the Employment, Benefits & Labor Relations Practice Group of Ruder Ware.
This document provides information of a general nature regarding legislative or other legal developments, and is based on the state of the law at the time of the original publication of this article. None of the information contained herein is intended as legal advice or opinion relative to specific matters, facts, situations, or issues, and additional facts and information or future developments may affect the subjects addressed. You should not act upon the information in this document without discussing your specific situation with legal counsel.
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