2009 Pension Plan Limitations Announced

Employee Benefits Attorney, Timothy J. Snyder, Esq., provides this update on pension-plan limitations.

The IRS has announced the pension plan limitations for 2009.  See the chart below for the limits for 2009 compared to those for 2008.

Item

2009

2008

Social Security Taxable Wage Base $106,800 $102,000
Highly Compensated Employee $110,000 $105,000
SEP Minimum Compensation $550 $500
Annual Compensation Limit $245,000 $235,000
Defined Benefit Plan Limitation on Benefits $195,000 $185,000
Defined Contribution Plan Limitation on Contributions

$49,000

$46,000

Catch-up Deferrals for SIMPLE

$2,500

$2,500

SIMPLE Elective Deferral Limitation

$11,500

$10,500

Catch-up deferrals for §§401(k), 403(b) and 457 plans

$5,500

$5,000

§§401(k), 403(b) and 457 Elective Deferral Limitation

$16,500

$15,500

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