IRS Announces Retirement Plan Limitations for 2013

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  • November 12, 2012

The Internal Revenue Service (IRS) recently announced the annual Cost-of-Living Adjustments (COLA) for retirement plans and related limitations for the 2013 tax year. Several of the following limits have changed for 2013 compared to the 2012 limits.

 

Item 2013 2012
Maximum Compensation $255,000 $250,000
Social Security Taxable Wage Base $113,700 $110,100
Elective Deferrals $17,500 $17,000
Catch Up Contributions $5,500 $5,500
415 limits (maximum in a defined contribution plan) $51,000 $50,000
Annual limit for defined benefit plan $205,000 $200,000
Key Employee compensation limit $165,000 $165,000
Highly Compensated Employee compensation $115,000 $115,000

 

For questions regarding these pension plan limit changes, please contact GSA at 1.800.250.2741 ext. 170 or via email at solutions@gsanational.com.

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