The IRS Announces 2010 Cost of Living Adjustment for Retirement Plans
Garvey Schubert Barer Legal Update, October 20, 2009.
The limits remain unchanged from 2009 and are outlined as follows:
Limitation 2009 and 2010 Voluntary employee contributions limit: 401(k), 403(b) and 457(b) plans $16,500 Age 50 catch-up limit: 401(k), 403(b) and governmental 457(b) plans $5,500 SIMPLE plan deferral limit $11,500 SIMPLE catch-up limit $2,500 Defined contribution plan annual contribution limit $49,000 Defined benefit plan annual benefit limit $195,000 Cap on includible compensation for plan purposes $245,000 Highly compensated employee threshold $110,000 Top-heavy key employee/officer compensation threshold $160,000 Social Security taxable wage base $106,800