| The IRS has released the cost-of-living adjustments affecting dollar limitations for defined contribution and defined benefit retirement plans. The table below compares both the retirement plan and health insurance plan limits for 2012 through 2014. Further guidance can be found on the IRS website. | Retirement Plans | 2012 Limit | 2013 Limit | 2014 Limit | 401(k), 403(b), 457(b)(2) elective deferrals | $17,000 | $17,500 | $17,500 | 401(k), 403(b) "catch up" contributions for ages 50+ | $5,500 | $5,500 | $5,500 | SIMPLE plan elective deferral | $11,500 | $12,000 | $12,000 | SIMPLE "catch up" contributions for ages 50+ | $2,500 | $2,500 | $2,500 | Defined contribution plan maximum | $50,000 | $51,000 | $52,000 | Defined benefit plan maximum | $200,000 | $205,000 | $210,000 | Maximum includible compensation | $250,000 | $255,000 | $260,000 | Highly compensated employee | $115,000 | $115,000 | $115,000 | FICA taxable wage base | $110,100 | $113,700 | $117,000 | | Health Insurance Plans | 2012 Limit | 2013 Limit | 2014 Limit | Health Savings Account (HSA) contribution limit -- individual | $3,100 | $3,250 | $3,300 | HSA contribution limit -- family | $6,250 | $6,450 | $6,550 | HSA "catch up" contributions for ages 55+ | $1,000 | $1,000 | $1,000 | Minimum deductible for high-deductible health plan (HDHP) -- individual | $1,200 | $1,250 | $1,250 | Minimum deductible for HDHP -- family | $2,400 | $2,500 | $2,500 | Maximum out-of-pocket for HDHP -- individual | $6,050 | $6,250 | $6,350 | Maximum out-of-pocket for HDHP -- family | $12,100 | $12,500 | $12,700 | Flexible Spending Account (FSA) contribution limit | No limit* | $2,500 | $2,500 |
*While there was no limit for contributions, most plans capped them at $5,000 or less. © 2013 Wealth Management Systems Inc. All rights reserved. 1-228772
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