On October 31, 2013, the IRS announced cost-of-living adjustments for 2014 that apply to defined contribution retirement plans and defined benefit pension plans. The limits for 401k and IRAs remains unchanged while other limits increase by $1,000.
- The plan limits for 401(k) & 403(b) remains unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for adjustment. This level will remain at $17,500. The contribution limits increase to $52,000 from $51,000 when you include income from all sources.
- Catch-up limits will remain at $5,500 for employees over age 50 who participate in 401k and 403b plans.
- Deductions for taxpayers making contributions to IRAs who are also covered by a workplace retirement plan is phased out for certain income levels.
- Defined benefit plan's annual benefit limit increased from $205,000 to $210,000.
- The limit of highly compensated employees remains unchanged at $115,000.
- ESOP (employee stock ownership plan's) maximum account balance subject to a five-year distribution period rises to $1,050,000 from $1,035,000.
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