The Internal Revenue Service announced the cost-of-living adjustments applicable to the dollar limitations for retirement plans for the 2009 tax year.
| Type of Limitation | 2008 | 2009 |
| Maximum 401(k) Salary Deferral (Pretax) Limits | $15,500 | $16,500 |
| SIMPLE Plan Deferral | $10,500 | $11,500 |
| Elective deferrals under 457(b) plans of state and local governments and tax-exempt employers. | $15,500 | $16,500 |
| Catch-up Contributions for Individuals aged 50 and over | $5,000 | $5,500 |
| Section 415 Annual Benefit Limits | ||
| Defined Contributions Plans | $46,000 | $49,000 |
| Defined Benefit Plans | $185,000 | $195,000 |
| Annual Compensation Limit | $230,000 | $245,000 |
| Highly Compensated Employee Threshold | $105,000 | $110,000 |
| Dollar limit concerning the definition of key employee in a top-heavy plan | $150,000 | $160,000 |
| Compensation amount for participation in a SEP | $500 | $550 |
| ESOP Threshold for Exemption to 5-year Distribution Requirement | $935,000 | $985,000 |
| Amount for lengthening of 5-year ESOP Distribution Period | $185,000 | $195,000 |
OASDI Contribution And Benefit Base
The Social Security Administration also released the following information regarding the 2009 contribution and benefit base for the Old-Age, Survivors and Disability Insurance (OASDI) program and Medicare’s Hospital Insurance (HI) program:
| Maximum Earnings Taxable | 2008 | 2009 |
| Social Security Wage Base (OASDI only) | $102,000 | $106,800 |
| Medicare Wage Base (HI only) | No Limit | No Limit |
PartnerMary is a partner with a focus on employee benefits. Her practice includes design and compliance of qualified retirement plans and employee welfare benefit plans, including COBRA, and nonqualified deferred compensation ...
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