Human Resource & Labor News
www.agc.orgNovember 26, 2013 / Issue No. 6-13
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Federal Contracting
Register Now for AGC's Dec. 5 & 10 Davis-Bacon Webinar
OFCCP Releases Updated FAQs on New Disability and Veterans Rules
AGC Webinar Educates Federal Contractors on OFCCP's New Disability and Veterans Rules
AGC Continues Successful Campaign Against Government-Mandated PLAs
Employee Benefits
AGC Submits Comments on Affordable Care Act Employer Reporting Requirements
IRS Announces COLA Increases for Dollar Limitations on Benefits and Contributions
Labor Relations
Double Breasting Calls for Double Caution, Cases Show
HR Education
AGC’s HR & Training Conference Provides Unique Experience for Construction Industry HR and Training Professionals
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IRS Announces COLA Increases for Dollar Limitations on Benefits and Contributions
 

On October 31, 2013 the Internal Revenue Service (IRS) announced the cost-of-living adjustments impacting tax-qualified pension plans for 2014. Increases were not made to the individual limits on deferrals and catch-up contributions. However, the IRS increased from last year most of the general pension plan limitations, including the limit on annual compensation, as the cost-of-living index increase met the statutory thresholds that trigger adjustments. The following table highlights some of the key limits that affect tax-qualified pension plans.

Code Section

2014

2013

401(a)(17)/404(l)Annual Compensation

$260,000

$255,000

402(g)(1)Elective Deferrals

$17,500

$17,500

414(v)(2)(B)(i)Catch-up Contributions

$5,500

$5,500

415(b)(1)(A)Defined Benefit Plan Limit

$210,000

$205,000

415(c)(1)(A)Defined Contribution Plan Limit

$52,000

$51,000

457(e)(15)Deferral Limits

$17,500

$17,500

414(q)(1)(B)Highly Compensated Employee Threshold

$115,000

$115,000

409(o)(1)(C)ESOP Limits

$1,050,000

$210,000

$1,035,000

$205,000

416(i)(1)(A)(i)Key Employee

$170,000

$165,000

408(p)(2)(E)SIMPLE Max. Contributions

$12,000

$12,000

414(v)(2)(B)(ii)SIMPLE Catch-up Contributions

$2,500

$2,500

408(k)(2)(C)SEP Min. Compensation

$550

$550

408(k)(3)(C)SEP Max. Compensation

$260,000

$255,000

1.61-21(f)(5)(i)Control Employee

$105,000

$100,000

1.61-21(f)(5)(iii)Control Employee

$210,000

$205,000

Social Security Tax Wage Base

$117,000

$113,700

 

Editor’s Note: This article was drafted by Ogletree Deakins, a labor and employment law firm that represents management. This information should not be relied upon as legal advice.
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