November 12, 2007 |
Posted By Diane Pfadenhauer |
IRS 2008 Benefit Plan Limits Announced
The IRS recently announced benefit plan limits for 2008. Here are some of the highlights:
- Maximum 401(k) Contributions - $15,500
- Maximum Compensation Limit - $230,000
- Highly Compensated Employees - $105,000
- Annual Contribution Limit for Defined Contribution Plans - $46,000
- Annual Benefit Limit for Defined Benefit Plans - $185,000
- Age 50 and Older Catch-Up Contributions (for other than SIMPLE Plans) - $5,000
- Annual Contribution Limit for 457 Plans - $15,500