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Employee Benefits & ERISA Law |
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Annual Limits: Qualified Plans |
DOLLAR LIMITS |
2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
2000 |
|
Maximum Compensation [401(a)(17), 404(l) & 408(k)(3)(c)] |
230,000 |
225,000 |
220,000 |
210,000 |
205,000 |
200,000 |
200,000 |
170,000 |
170,000 |
Maximum Elective Deferral401(k) Plan [402(g)(1)] 457 Plan [457(e)(15)] |
15,500 15,500 |
15,500 15,500 |
15,000 15,000 |
14,000 14,000 |
13,000 13,000 |
12,000 12,000 |
11,000 11,000 |
10,500 8,500 |
10,500 8,500 |
HCE Definition |
105,000 |
100,000 |
100,000 |
95,000 |
90,000 |
90,000 |
90,000 |
85,000 |
85,000 |
Defined Contribution Limit [415(c)(1)(A)] |
46,000 |
45,000 |
44,000 |
42,000 |
41,000 |
40,000 |
40,000 |
35,000 |
30,000 |
Catch-up Contribution Limit |
5,000 |
5,000 |
5,000 |
4,000 |
3,000 |
2,000 |
1,000 |
— |
— |
DB Annual Benefit Limit [415(b)(1)(A)] |
185,000 |
180,000 |
175,000 |
170,000 |
165,000 |
160,000 |
160,000 |
140,000 |
135,000 |
Key Employee Definition in a Top-Heavy Plan [416(i)(1)(A)(i)] |
150,000 |
145,000 |
140,000 |
135,000 |
130,000 |
130,000 |
130,000 |
— |
— |
Wage Base Rate[§2230 of Social Security Act] |
102,000 |
97,500 |
94,200 |
90,000 |
87,900 |
87,000 |
84,900 |
80,400 |
76,200 |
SEP Contribution required if Compensation of employee is at least – [408(k)(2)] |
500 |
500 |
450 |
450 |
450 |
450 |
450 |
450 |
450 |
SIMPLE Plan Maximum Deferral Limit [408(p)(2)(E)] |
10,500 |
10,500 |
10,000 |
10,000 |
9,000 |
8,000 |
7,000 |
6,500 |
6,000 |
Social Security Tax Rate |
6.20 |
6.20 |
6.20 |
6.20 |
6.20 |
6.20 |
6.20 |
6.20 |
6.20 |
Medicare Tax Rate |
1.45 |
1.45 |
1.45 |
1.45 |
1.45 |
1.45 |
1.45 |
1.45 |
1.45 |
FICA Tax |
7.65 |
7.65 |
7.65 |
7.65 |
7.65 |
7.65 |
7.65 |
7.65 |
7.65 |