Published Monday, January 7, 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.