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Texas Tech Univ. School of Law

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Monday, November 4, 2013

IRS Chart Reveals Employee Benefit Plan Adjustments

Recently, the IRS announced the cost of living changes to the dollar limits on retirement  provided by employers and government welfare plans for the 2014 year. Below is the chart provided by Mondaq:

RETIREMENT PLAN LIMITS

2014

2013

Annual compensation limit

$260,000

$255,000

401(k), 403(b) & 457(b) before-tax contributions

$17,500

$17,500

Catch-up contributions (if age 50 or older)

$5,500

$5,500

Highly compensated employee threshold

$115,000

$115,000

Key employee officer compensation threshold

$170,000

$165,000

Defined benefit plan annual benefit and accrual limit

$210,000

$205,000

Defined contribution plan annual contribution limit

$52,000

$51,000

Employee stock ownership plan (ESOP) limit for determining the lengthening of the general five-year distribution period

$210,000

$205,000

ESOP limit for determining the maximum account balance subject to the general five-year distribution period

$1,050,000

$1,035,000

 

 

 

HEALTH AND WELFARE PLAN LIMITS

 

 

Health Flexible Spending Accounts

 

 

Maximum salary reduction limit

$2,500

$2,500

 

 

 

High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA)

 

 

HDHP – Maximum annual out-of-pocket limit (excluding premiums)

 

 

Self-only coverage

$6,350

$6,250

Family coverage

$12,700

$12,500

HDHP – Minimum annual deductible

 

 

Self-only coverage

$1,250

$1,250

Family coverage

$2,500

$2,500

HSA – Annual contribution limit

 

 

Self-only coverage

$3,300

$3,250

Family coverage

$6,550

$6,450

Catch-up contributions (age 55 or older)

$1,000

$1,000

See David E. Rogers, Ashley McCarthy, and Diane M. Morgenthaler, United States: IRS Announces Employee Benefit Plan Limits For 2014, Mondaq,  Nov. 2, 2013.

http://lawprofessors.typepad.com/trusts_estates_prof/2013/11/see-david-e-rogers-ashley-mccarthy-and-diane-m-morgenthaler-united-states-irs-announces-employee-benefit-plan-limits-fo.html

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