INSIGHTS & IDEAS

2015 Retirement Plan Limits Increase

For 2015 the IRS has published the following cost of living adjustments (COLAs):

·       401(K) deferral limit:           $18,000 (Increased from $17,500)

·       Plan compensation limit:       $265,000(Increased from $260,000)

·       Simple Plan:                       $12,500(Increased from $12,000)

·       IRA:                                  $6,500 (Increased from $5,500)

 

                                                                                                                                           

·       Age 50+ catch-up:                $6,000 (Increased from $5,000) for 401(K)

                                      $3,000 (Increased from $2,500) for SEP

                                       IRA unchanged



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