Legal Alert
NEW 2013 IRS Limits for Retirement Plans
NEW 2013 IRS Limits for Retirement Plans
For 2013 the IRS has just announced the following new dollar limits for retirement plans:
1. Section 415 limit for plan 1 annual benefit payments - $205,000 (up $5,000)
2. General limit on compensation for non-grandfathered members that can be taken into account for retirement plan benefits (Section 401(a)(17) limit) - $255,000 (up $5,000)
3. Limit on compensation that can be taken into account for participants where there is a limited grandfather - $380,000 (up $5,000)
4. Section 415 limit for “401(a)” plans - $51,000 (up $1,000)
5. Section 403(b), most 457 and 401(k) plan contributions limits- $17,500 (up $500)
6. Section 403(b), most 457 and 401(k) plan catch-up for age 50 and over - $5,500 (no change)