Retirement Plan Table| VIII. Retirement Plan Limits | 2012 | 2013 | | Annual compensation limit | $ 250,000 | $ 255,000 | | Defined benefit plan | 200,000 | 205,000 | | Defined contribution plan | 50,000 | 51,000 | | IRA - Maximum contribution Age 49 & Below | 5,000 | 5,500 | | IRA - Maximum contribution Age 50 & Above | 6,000 | 6,500 | | 403 (b) plan | 17,000 | 17,500 | | 403 (b) catch-up contribution | 5,500 | 5,500 | | 401 (k) plan SEP | 17,000 | 17,500 | | 401(k) catch-up contribution | 5,500 | 5,500 | | 457 plan | 17,000 | 17,500 | | 457 catch-up contribution | 5,500 | 5,500 | | SIMPLE | 11,500 | 12,000 | | SIMPLE catch-up contribution | 2,500 | 2,500 |
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.
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