DWC Digest
New Contribution Limits Published with Increases All Around! 

 

Anyone who has seen the 1979 movie The Jerk remembers that scene when Steve Martin gets so excited when the new phone book arrives.
The New Phone Book's Here


Well, that's how we react here at DWC when the IRS and Social Security Administration publish the new limits each year.  We know...insert geek joke here...but that's how much we enjoy what we do.
2015 Limits

With very few exceptions, all of the limits are going up for 2015, after several years in a row with minimal increases. 

 

Compensation and Benefit Limits 

  • Annual compensation limit
    • Increases from $260,000 to $265,000
  • Salary deferral limit for 401(k) and 403(b) plans
    • Increases from $17,500 to $18,000
  • Catch-up contribution limit for 401(k) and 403(b) plans
    • Increases from $5,500 to $6,000
  • Annual additions limit for defined contribution plans
    • Increases from $52,000 to $53,000
  • Annual additions limit for defined benefit plans
    • Remains unchanged at $210,000
  • Social Security Wage Base
    • Increases from $117,000 to $118,500

Testing Limits

  • Highly compensated employee
    • Increases from $115,000 to $120,000
  • Key employee based on officer status
    • Remains unchanged at $170,000

 

For a chart of these limits from 2013 to 2015, please click here to visit our website. 

And In Other News...

You may have noticed that this DWC Digest has a new look.  That's because we wanted to update it along with our new website.  The all new DWCconsultants.com launched a few weeks ago, and we have been getting great feedback.  The new site features: 
  • Knowledge Center that includes Articles, FAQs, our blog and other resources for your reference, all prepared by DWC's expert team.
  • How-To Guides to help you through common tasks on the site such as submitting your year-end census and filing your Form 5500.
  • Downloadable PDFs of the 2013 and 2014 editions of DWC's PRECISION Magazine.
  • Calendar of Upcoming Events showing where we will be and the industry events at which we are presenting or attending.
  • Bios of each member of the DWC team.

Check out the site and let us know what you think. 

 
October 2014

Believe it or not, the end of the year is just around the corner.  Over the next several weeks, we will be sending out our Year End Prep Reports to our clients.

Also, earlier this year, we sent our clients information about the IRS-mandated plan document update, referred to as the PPA restatement.  If you are a DWC client and have not already returned your PPA Restatement Election Form, please review the package we sent and return your election to us at Restatement@
DWCconsultants.com.
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