IRS Announces Pension Plan Limits for 2014

Posted on

The IRS announced on October 31, 2013 the cost-of-living adjustments for dollar limitations on benefits and contributions under qualified retirement plans for tax year 2014. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.

Some pension limitations, such as elective deferral contributions and catch-up contributions for 401(k), 403(b), and 457(b) plans, will remain unchanged. These limitations are adjusted by reference to Section 415(d) of the Internal Revenue Code, and the increase in the Consumer Price Index (1.5%) did not meet the statutory thresholds that trigger their adjustment.

The limits and thresholds are published on the IRS website.

For additional information related to these changes or any other questions regarding plan qualification, please contact any member of the Keiter team of employee benefit plan specialists.

For IRA and other benefit related limits, click here.

About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

More Insights from Keiter CPAs

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


How Can We Help You and Your Business?

Innsbrook Corporate Center
4401 Dominion Boulevard
Glen Allen, Virginia 23060

804.747.0000 or 804.273.6200