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
Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
in life insurance, difference between the face value of a life insurance policy and its cash value (also known as "pure amount of protection"). ...
Expenses that have or may not yet have been paid by an insurance company. ...
Life or health insurance policy written on an applicant who has passed a medical examination and signed the application but has not paid the premium due. ...
Commission paid to a broker for selling an insurance company's products. This fee may or may not include an expense allowance depending on the amount of business the broker places with the ...
Policy in which an insurer agrees to pay property or liability losses in excess of a specific amount per occurrence. For example, this type of coverage typically is used by an employer that ...
Coverage in the event that the negligent acts or omissions of an insured result in damage or destruction to another's property. Coverage can be purchased with bodily injury liability under ...
Denial of coverage for damage, in inland marine insurance, stemming from routine use of the property. Property can be expected to deteriorate somewhat over time from normal use. This is not ...
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