News Archives
2007 Plan Contribution Limits
November 7th, 2006
On October 18, 2006 the Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for retirement plans and other items for the tax year 2007. We have presented a few of the more important plan limits below. For more information, please visit the IRS website or contact us at 1-800-594-7700.
|
Description
|
2006
|
2007
|
| 401(k) Deferrals |
15,000
|
15,500
|
| 401(k) Catch-Up Deferrals (Age 50+) |
5,000
|
5,000
|
| SIMPLE Deferrals |
10,000
|
10,500
|
| SIMPLE Catch-Up Deferrals (Age 50+) |
2,500
|
2,500
|
| DC Plan Contribution Limit (Section 415) |
44,000
|
45,000
|
| Plan Compensation Limit |
220,000
|
225,000
|
| HCE Compensation Limit |
100,000
|
100,000
|
| SS Taxable Wage Base |
94,200
|
97,500
|
