The IRS today announced the 2015 pension plan limits. They are as follows:
- Employee elective deferral will increase to $18,000 up from $17,500 for this year
- Catch up contributions for employees 50 and over will actually increase this year to $6,000 up from $5,500
- Limit on defined contribution plans will increase to $53,000 up from $52,000 for this year
- Annual compensation limit will increase to $265,000 up from $260,000
- Definition of highly compensated employee will increase to $120,000 up from $115,000 for this year
For those of you who need the full information on all the various limits please see attached pdf. IRS 2015 Pension Plan Limitations Complete Text