IRS Retirement Plan Limits
For those of you who missed the IRS announcement of retirement plan limits for 2005 which was released in October, here it is. Briefly, here are some of the new limits:
- the Social Security wage base increases from $87,900 to $90,000.
- the limitation for highly compensated employees increases to $95,000
- the 401k, 403b, and 457b contribution limits increase from $13,000 to $14,000, with a catch-up contribution increase for those over 50 of $4,000.
For more on the world of benefits, see Janell Grenier's fabulous benefits blog. You will find more than you can ever imagine you ever needed in the world of benefits. The link to her blog also appears on the right side of this page.