Original content from United Benefit Advisors (UBA)
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2014 Annual Benefit Plan Amounts |
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| Contribution & Benefit Limits |
2013 Limit |
2014 Limit |
| Section 401(k), 403(b), or 457(b) annual deferral |
$17,500 |
$17,500 |
| SIMPLE plan annual deferral |
$12,000 |
$12,000 |
| Section 415 maximums | ||
| – annual benefit from defined benefit plan |
$205,000 |
$210,000 |
| – annual additions to defined contribution plan |
$51,000 |
$52,000 |
| Maximum IRA contribution |
$5,500 |
$5,500 |
| Catch-up contribution limits | ||
| – retirement plan |
$5,500 |
$5,500 |
| – SIMPLE plan |
$2,500 |
$2,500 |
| – IRA |
$1,000 |
$1,000 |
| Compensation Amounts | ||
| Annual compensation limit |
$255,000 |
$260,000 |
| Grandfathered governmental plan participants |
$380,000 |
$385,000 |
| Highly compensated employees | ||
| – any employee* |
$115,000** |
$115,000** |
| – 5 percent owner |
no minimum |
no minimum |
| *Employer may elect to limit to top-paid 20% | ||
| **Due to the look-back rule, applies in determining HCEs during following year | ||
| Key employees | ||
| – officer |
$165,000 |
$170,000 |
| – 1 percent owner |
$150,000 |
$150,000 |
| – 5 percent owner |
no minimum |
no minimum |
| Small Employer Health Insurance Credit Average Wage Phase-Out |
$25,000 |
$25,400 |
| This information is brought to you by your Partner Firm of United Benefit Advisors — a member-owned alliance of more than 140 premier independent benefit advisory firms and the nation’s leading employee benefits advisory organizations. | ||
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2014 Annual Benefit Plan Amounts |
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| Social Security/Medicare |
2013 Limit |
2014 Limit |
| – OASDI taxable wage base |
$113,700 |
$117,000 |
| – OASDI tax rate – employer |
6.20% |
6.20% |
| – OASDI tax rate – employee |
6.20% |
6.2%# |
| – Medicare tax rate – employer |
1.45% |
1.45% |
| – Medicare tax rate – employee |
1.45%> |
1.45%> |
| Maximum income without reducing Social Security retirement benefits | ||
| – SSRA* or over |
no limit |
no limit |
| – year individual attains SSRA* |
$3,340/mo^ |
$3,450/mo^ |
| – under SSRA* |
$15,120/yr |
$15,480/yr |
| #Subject to legislative change | ||
| > Employer must withhold additional 0.9% from compensation in excess of $200,000 | ||
| * Social Security Retirement Age (age at which an individual may receive an unreduced monthly benefit) | ||
| ^ No limit on earnings beginning the month an individual attains SSRA | ||
| Health Plan Limits | ||
| Maximum Health FSA | ||
| – employee deferral |
$2,500 |
$2,500 |
| – carryover |
N/A |
$500 |
| Maximum HSA contribution | ||
| – individual |
$3,250 |
$3,300 |
| – family |
$6,450 |
$6,550 |
| – catch-up |
$1,000 |
$1,000 |
| Minimum HDHP deductible | ||
| – individual |
$1,250 |
$1,250 |
| – family |
$2,500 |
$2,500 |
| Maximum HDHP out-of-pocket | ||
| – individual |
$6,250 |
$6,350 |
| – family |
$12,500 |
$12,700 |
| Maximum out-of-pocket (all non-grandfathered plans) | ||
| – individual |
N/A |
$6,350 |
| – family |
N/A |
$12,700 |
