Shown below are the current 2013 and the previous 2012 IRS indexed dollar limits for tax qualified employee benefit plans:
| Indexed Dollar Figures for Employee Benefit Plans | ||
|---|---|---|
| RETIREMENT PLANS | 2013 | 2012 |
| Section 402(g) elective deferral limit for 403(b) plans | $17,500 | $17,000 |
| Limit on age 50 and over 403(b) catch-up contributions | $5,500 | $5,500 |
| Limit on 403(b) lifetime catch-up * | $3,000 | $3,000 |
| Maximum annual additional limit -- Defined Contribution Plans ** | $51,000 | $50,000 |
| Employee annual compensation limit for calculating contributions | $255,000 | $250,000 |
| * Available to employees with 15 or more years of service who have contributed, on average, no more than $5,000 a year to their 403(b) plan. This catch-up provision allows participants to contribute up to $3,000 per year (up to a lifetime catch-up limit of $15,000) in addition to the regular contribution limit. | ||
| ** This is the limit on tax-deferred contributions made on behalf of an individual. | ||
| OTHER | 2013 | 2012 |
| Highly compensated employee threshold | $115,000 | $115,000 |
| Social Security (FICA) taxable wage base (6.2% OASDI tax) | $113,700 | $110,100 |