The
Internal Revenue Service announced the 2014 Cost of Living Adjustments affecting dollar
limitations for pension plans.
The main changes are as follows:
- 415 Limit is increased from $51,000 to $52,000
- Annual Considered Compensation is increased from $255,000 to $260,000
- The Taxable Wage Base for Social Security is increased from $113,700 to $117,000 (yes, that's right, high earners are paying more into Social Security)
There are other changes as well, but these are the main ones impacting 401(k) plans for 2014. For a complete list including changes to IRA limits, DB limits and others, you can find them here -->
http://www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions
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