It’s that time of the year as the Internal Revenue Service announced their 2013 Retirement Plan Limits. Some limits stay the same, but some have increased.
- Annual Compensation: Increases from $250,000 to $255,000
- Elective Deferrals
◦ 401(k)/403(b)/457: Increases from $17,000 to $17,500
◦ SIMPLE IRA: Increases from $11,500 to $12,000
- Catch-Up Contributions
◦ 401(k)/403(b)/457: Unchanged at $5,500
◦ SIMPLE IRA: Unchanged at $2,500
- Annual Additions Limit
◦ Defined Contribution Plan: Increases from $50,000 to $51,000
◦ Defined Benefit Plan: Increases from $200,000 to $205,000
- HCE Determination: Compensation unchanged at $115,000
- Key Employee: Officer compensation unchanged at $165,000
- Social Security Wage Base: Increases from $110,100 to $113,700