2013 Retirement Plan Limits Are Mixed
Some Increase, Many Remain Level
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Hot off the press! Earlier this morning, the IRS published the 2013 retirement plan limits. While some of the "administrative" limits such as those used to determine highly compensated and key employees remain unchanged, many of the contribution limits will increase next year.
We have updated the chart on our website that shows the limits for the last three years, and some of the new limits are listed below.
- 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
Please let us know if we can answer any questions about how these new limits may impact your plan design for 2013.
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About DWC ERISA Consultants, LLC
DWC was founded in 1999 and has grown to provide employee benefit consulting services to nearly 750 clients nationwide. We provide compliance and consulting services for employer-sponsored retirement programs. For more information and to learn how DWC can work with you or your clients, please call us at 651.204.2600 or visit our website at www.dwcconsultants.com. For our take on developments in the retirement plan industry, visit www.PozekOnPension.com or check us out on Facebook, Twitter and LinkedIn.
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