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In mid-October 2010, the IRS released the cost of living adjustments for various retirement plan limitations for 2011. The retirement plan limits in effect for 2010 through 2011 are as follows:
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Retirement Plan Limitations |
2011 |
2010 |
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Compensation Limit – Code Section 401(a)(17) |
$245,000 |
$245,000 |
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Maximum Benefit/Contribution Limits – Code Section 415 |
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Defined Contribution Plan Limit |
$49,000 |
$49,000 |
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Defined Benefit Plan Limit |
$195,000 |
$195,000 |
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Elective Contribution Limits |
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401(k), 403(b), 457(b) and SARSEP Contributions |
$16,500 |
$16,500 |
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Catch-up Contributions for 401(k), 403(b), 457(b) and SARSEP |
$5,500 |
$5,500 |
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SIMPLE 401(k) Plans |
$11,500 |
$11,500 |
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Catch-up Contributions for SIMPLE 401(k) |
$2,500 |
$2,500 |
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Highly Compensated Employee – Code Section 414(q) |
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Annual Compensation for determining Highly Compensated Employees |
$110,000 |
$110,000 |
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Top Heavy Status – Code Section 416 |
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Officer Compensation for determining Key Employees |
$160,000 |
$160,000 |
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Social Security Wage Base |
$106,800 |
$106,800 |
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