Pension Plan Limits
Dollar limitations under the Internal Revenue Service code as follows:
- The elective annual deferral limit is $10,000.
- A highly compensated employee's annual compensation limit is $80,000.
- QUALIFIED PLANS and SIMPLIFIED EMPLOYEE PENSION (SEP) plan annual compensation limit for contributions is $160,000.
- SIMPLIFIED RETIREMENT ACCOUNT annual compensation limitation is $6000.
- SIMPLIFIED EMPLOYEE PENSION (SEP) plan annual compensation minimum is $400.
- State, local government, and tax-exempt organizations' annual limitation on deferrals under DEFERRED COMPENSATION PLANS is $8000.
- The DEFINED BENEFIT PLAN maximum annual benefit under Section 415 (b) (1) (a) is $130,000.
- The DEFINED CONTRIBUTION PLAN maximum annual contribution under Section 415 (c) (1) (a) is $30,000.
- The maximum account balance dollar amount permitted for determining the tax credit under an EMPLOYEE STOCK OPTION PLAN (ESOP) subject to a five-year period of distribution is $735,000.
Popular Insurance Terms
Health insurance contract that is renewable at the option of the insurer. On the anniversary date of the contract, the insurer has the right to decide whether or not to renew. ...
Time limit on the deferred ownership of property such that, 21 years after the property owner dies, the deferred ownership of that property terminates. ...
Discharge of electricity from the atmosphere, one of the perils covered in most fire insurance policies. ...
Federal agency that regulates commerce across state lines. The ICC does not oversee insurance, which is subject to regulation by the states according to Public Law 15, McCarran-Ferguson ...
Authority that administers state laws regulating insurance and licenses insurance companies and their agents. ...
Arrangement under which the insured pays a fixed premium to the insurance company in exchange for the total transfer of the risk to that company. ...
Approach that maintains injury or sickness begins when it is first detected by an obvious appearance. This argument is used in determining if liability insurance is afforded in a particular ...
Coverage in the event an employee is kidnapped from an insured business's premises and forced to return to aid a criminal in a theft. ...
Expenses taken out when benefits are paid. For example, a specific dollar amount is subtracted from a monthly income payment for company expenses. ...
Have a question or comment?
We're here to help.