Spectra Associates, Inc.
1016 Mill Creek Drive
Feasterville, PA 19053
Phone - 215-953-1520
Fax - 215-953-8650

IRS Limits

 

Some annual limits for 2014 and 2015:

 

              Type                                                                                         2015                  2016

Taxable Wage Base                                                                              $118,500           $118,500

*401(k) Deferral (age under 50 by 12/31)                                            $18,000             $18,000

*401(k) Deferral (age 50 or more by 12/31)                                         $24,000             $24,000

*Simple Deferral (age under 50 by 12/31)                                            $12,500             $12,500

*Simple Deferral (age 50 or more by 12/31)                                         $15,500             $15,500

*Annual Addition - Defined Contribution Plan                                        $53,000             $53,000

Annual Benefit - Defined Benefit Plan                                                   $210,000           $210,000

Annual Compensation                                                                          $265,000           $265,000

Highly Compensation Employee                                                           $120,000           $120,000

 

The limit for those items with * above is actually the lesser of 100% of pay or the dollar amount listed.

 

Annual corporate deductions for defined contribution plans cannot exceed 25% of compensations of eligible participants. Annual corporate deductions for defined benefit plans are actuarially determined and generally have no dollar or percentage limit.

 

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