IRS announces pension plan limitations for 2008

The Internal Revenue Service has announced the annyal cost-of-living adjustment of various dollar limits for qualified retirement plans. The new dollar limits are as follows:

Maximum 401(k) salary deferrals	$15,500
Catch-up contribution dollar limit	$5,000
The limitation used in the definition of Highly Compensated Employee	$105,000
The limitation used in the definition of an Officer	$150,000
Annual compensation limit	$230,000
Dollar limit under IRS code section 415	$46,000

If you have any questions about the new limits or how they affect your plan, please feel free to contact your administrator.

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