- 401(k)
- Profit Sharing
- Cash balance
- Defined Benefit
- Compliance & Due Diligence
- Actuarial & Fiduciary Services
Retirement Plan Resources.
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| 2012 | 2011 | |
| Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) $15,000 | $17,000 | $16,500 |
| 457(b)(2) and 457(c)(1) Limits (not including catch-ups) | $17,000 | $16,500 |
| Section 414(v) Catch-Ups Deferrals to 401(k), 403(b), or SARSEP Plans | $5,500 | $5,500 |
| Defined Benefit Plans | $200,000 | $195,000 |
| Defined Contribution Plans | $50,000 | $49,000 |
| Annual Compensation Limit | $250,000 | $245,000 |
| Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 | $375,000 | $360,000 |
| Highly Compensated Employee | $115,000 | $110,000 |
| SIMPLE Retirement Accounts | $11,500 | $11,500 |
| SEP Coverage | $550 | $550 |
| SEP Compensation | $250,000 | $245,000 |
| Tax Credit ESOP Maximum Balance | $1,015,000 | $985,000 |
| Amount for Lengthening of 5-Year ESOP Period | $200,000 | $195,000 |
| Income Subject to Social Security Tax | $110,100 | $106,800 |
| FICA Tax for employees and employers | 7.65% | 7.65% |
| Social Security Tax for employees | 4.2% | 4.2% |
| Social Security Tax for employers | 6.2% | 6.2% |
| Medicare Tax for employees and employers | 1.45% | 1.45% |
| FICA Tax for self-employed workers | 15.3% | 15.3% |
| Social Security Tax for self-employed workers | 10.4% | 10.4% |
| Medicare Tax for self-employed workers | 2.9% | 2.9% |
The information presented here is not intended to be a comprehensive analysis. Chernoff Diamond is a benefits advisory firm and does not provide tax or legal advice. Individuals or Employers should consult with qualified legal and/or tax counsel for guidance in respect of matters of law, tax, and related regulation.