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
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Mortality table, morbidity table that does not include current statistical experience. ...
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Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income ...
Nominal interest rate minus the rate of inflation. ...
Terms specifying obligations of an insured to keep a policy in force. For example, an insured must pay the premiums due; in life insurance, if death occurs, the beneficiary or the insured's ...
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