Friday, November 1, 2013

COLA 2014 - IRS Announces Pension Limits w. some changes

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 -->


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