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IRS Announces 2014 Retirement Plan Limitations

The IRS has announced the 2014 cost-of-living adjustments for retirement plan related limitations, with some of the most watched figures staying the same from 2013 and some increasing slightly.  The 401(k) deferral limitation remains at $17,500 (the additional catch-up contribution limit for those over 50 remains at $5,500), the annual defined contribution plan maximum limit has increased from $51,000 to $52,000, the SIMPLE IRA deferral limitation remains at 12,000, and the annual compensation limit for contribution calculations has increased from $255,000 to $260,000.

The IRS press release, which includes all of the 2014 retirement plan limitation figures, is available here.