 |
Maximum Benefits and Contributions Limits for 2003 - 2008 |
 |
Type of Limitation | | | | | | 2003 | Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) | $15,500 | $15,500 | $15,000 | $14,000 | $13,000 | $12,000 | 457(b)(2) and 457(c)(1) Limits (not including catch-ups) | $15,500 | $15,500 | $15,000 | $14,000 | $13,000 | $12,000 | Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans 6/ | $5,000 | $5,000 | $5,000 | $4,000 | $3,000 | $2,000 | Defined Benefit Plans | $185,000 | $180,000 | $175,000 | $170,000 | $165,000 | $160,000 | Defined Contribution Plans | $46,000 | $45,000 | $44,000 | $42,000 | $41,000 | $40,000 | Annual Compensation Limit | $230,000 | $225,000 | $220,000 | $210,000 | $205,000 | $200,000 | Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 | $345,000 | $335,000 | $325,000 | $315,000 | $305,000 | $300,000 | Highly Compensated Employee ("HCEs") | $105,000 | $100,000 | $100,000 | $95,000 | $90,000 | $90,000 | Individual Retirement Accounts ("IRAs"), for individuals 49 and below | $5,000 | $4,000 | $4,000 | $4,000 | $3,000 | $3,000 | Individual Retirement Accounts ("IRAs"), for individuals 50 and above | $6,000 | $5,000 | $5,000 | $4,500 | $3,500 | $3,500 | SIMPLE Retirement Accounts | $10,500 | $10,500 | $10,000 | $10,000 | $9,000 | $8,000 | SEP Coverage | $500 | $500 | $450 | $450 | $450 | $450 | SEP Compensation | $230,000 | $225,000 | $220,000 | $210,000 | $205,000 | $200,000 | Tax Credit ESOP Maximum Balance | $935,000 | $915,000 | $850,000 | $850,000 | $830,000 | $810,000 | Amount for Lengthening of 5-Year ESOP Period | $185,000 | $180,000 | $175,000 | $170,000 | $165,000 | $160,000 | Excess Distribution Threshold | N/A | N/A | N/A | N/A | N/A | N/A | Qualified Police and Firefighters' DB Benefit Limit | N/A | N/A | N/A | N/A | N/A | N/A | Income Subject to Social Security Tax | $102,000 | $97,500 | $94,200 | $90,000 | $87,900 | $87,000 | FICA Tax for employees and employers | 7.65% | 7.65% | 7.65% | 7.65% | 7.65% | 7.65% | Social Security Tax for employees and employers | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% | Medicare Tax for employees and employers | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | FICA Tax for self-employed workers | 15.3% | 15.3% | 15.3% | 15.3% | 15.3% | 15.3% | Social Security Tax for self-employed workers | 12.4% | 12.4% | 12.4% | 12.4% | 12.4% | 12.4% | Medicare Tax for self-employed workers | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
1/ 2008 limits reflect issuance of IRS Notice 2007-87, 2007-45 I.R.B. 966 (November 5, 2007) and the corresponding Social Security Administration News Release (October 18, 2007).
2/ 2007 limits reflect issuance of IRS Notice 2006-98, 2006-46 I.R.B. 906 (November 13, 2006) and the corresponding Social Security Administration News Release (October 18, 2006).
3/ 2006 limits reflect issuance of IRS Notice 2005-75, 2005-45 I.R.B. 929 (November 7, 2005) and the corresponding Social Security Administration News Release (October 14, 2005).
4/ 2005 limits reflect issuance of IRS Notice 2004-72, 2004-46 I.R.B. 840 (November 15, 2004) and the corresponding Social Security Administration News Release (October 19, 2004).
5/ 2004 limits reflect issuance of IRS Notice 2003-73, 2003-45 I.R.B. 1017 (November 10, 2003) and the corresponding Social Security Administration News Release (October 16, 2003).
6/ This number is only the catch-up available under Code section 414(v). Code sections 457(b)(3) and 402(g) provide separate catch-up rules, which must also be considered in appropriate cases.
Back to list of publications |
|
|
|
|
