Human Resource & Labor News
www.agc.orgDecember 4, 2014
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On the Inside
Wages and Benefits
AGC Offers Webinar on Davis-Bacon Act and New Federal Contractor Minimum Wage Law
IRS Announces 2015 COLA Increases
Employers Prohibited From Reimbursing Individual Plan Premiums Even On An After-Tax Basis
Equal Employment Opportunity
OFCCP Announces Final Rule on Sexual Orientation and Gender Identity
AGC Submits Comments on OFCCP Information Collection Requirement
New Construction-Focused Anti-Harassment Training DVD Available
Labor Relations
AGC Tells NLRB to Preserve Notice Rule in Common-Situs Picketing Cases
Court Dismisses Carpenters’ Lawsuits Against Building Trades and Metal Trades
Hiring
Old E-Verify Records to Be Deleted; Employers Must Download Historic Records Prior to Dec. 31
Veteran Recruiting Best Practices for Construction Employers; Webinar Recording Available
HR Professional Development
Best Practices and Compliance Take Center Stage at AGC’s Annual HR & Training Conference
IRS Announces 2015 COLA Increases
 

The Internal Revenue Service (IRS) recently announced cost-of-living adjustments impacting qualified retirement plans and health flexible spending accounts (FSAs) for 2015. For retirement plans, increases were made to most of the general plan limitations, including the individual limits on deferrals and catch-up contributions, as well as the limit on annual compensation.  For FSAs, the inflation-adjusted limit will increase by $50.  No change was made to transit and parking pre-tax subsidies or dependent care assistance plans.  The following table highlights the changes made by the IRS. 

Code Section

2015

2014

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

$265,000

$260,000

402(g)(1) Elective   Deferrals

18,000

17,500

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

6,000

5,500

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

210,000

210,000

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

53,000

52,000

457(e)(15)   Deferral Limit

18,000

17,500

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

120,000

115,000

409(o)(1)(C) ESOP   Limits

1,070,000      210,000

1,050,000    210,000

416(i)(1)(A)(i)   Key Employee

170,000

170,000

408(p)(2)(E)   SIMPLE Maximum Contributions

12,500

12,000

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

3,000

2,500

408(k)(2)(C) SEP   Minimum Compensation

600

550

408(k)(3)(C) SEP   Maximum Compensation

265,000

260,000

1.61-21(f)(5)(i)   Control Employee

105,000

105,000

1.61-21(f)(5)(iii)   Control Employee

215,000

210,000

Social Security   Tax Wage Base

118,500

117,000

Health FSA

2,550

2,500

Dependent Care   Assistance Plans

No change

5,000 for   qualified individuals and those who are married and file a joint return;   2,500 for those who are married and file separate returns

Qualified Transit   Benefits

No change

$130 per month

Qualified Parking   Benefits

No change

$250 per month


Editor’s Note: The content of this article was heavily contributed by the attorneys of Ogletree Deakins, a labor and employment law firm representing management. This information should not be relied upon as legal advice.

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