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IRS Announces 2014 Contribution Limits for 401(k) Plans

On October 31, 2013, the IRS announced the 2014 contribution limits that impact retirement plans. These limits are established through IRS requirements based upon annual adjustments for cost-of-living increases. Do you know the limit you can save in your 401(k) for 2014? Everyone should be aware of the maximum amount they can contribute to take full advantage of their retirement savings.

Compensation Limits and Cost of Living Increases Applicable to Defined Contribution Retirement Plans in 2014

Maximum Annual Compensation Limit

$260,000

Maximum Elective Deferral Limit

$17,500

Maximum Catch-up Contribution Limit

$5,500

Maximum Annual Contribution Limit

$52,000

Highly Compensated Employee (HCE) Compensation Threshold

$115,000

Key Employee Compensation Threshold (Officer)

$170,000

Social Security Taxable Wage Base

$117,000

 More detailed information is available from the IRS.

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