News & Views
QUALIFIED RETIREMENT PLAN
BENEFITS AND CONTRIBUTIONS LIMITS
| Limitation |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
| Elective Deferrals (401(k)/ 403(b)/ 403(b)/ 457(b)(2)/
457(c)(1) |
$16,500 |
$15,500 |
$15,500 |
$15,000 |
$ 14,000 |
$13,000 |
| Catch-Up Deferrals 401(k)/ 403(b)/ 457(b) |
$5,500 |
$5,000 |
$5,000 |
$5,000 |
$ 4,000 |
$3,000 |
| Defined Benefit Plans |
$195,000 |
$185,000 |
$180,000 |
$175,000 |
$170,000 |
$165,000 |
| Defined Contribution Plans |
$49,000 |
$46,000 |
$45,000 |
$44,000 |
$ 42,000 |
$41,000 |
| Annual Compensation |
$245,000 |
$230,000 |
$225,000 |
$220,000 |
$210,000 |
$205,000 |
| Highly Compensated Employee |
$110,000 |
$105,000 |
$100,000 |
$100,000 |
$ 95,000 |
$90,000 |
| SIMPLE Retirement Accounts |
$11,500 |
$10,500 |
$10,500 |
$10,000 |
$ 10,000 |
$9,000 |
| SIMPLE Catch-Up |
$2,500 |
$2,500 |
$2,500 |
$2,500 |
$2,000 |
$1,500 |
| SEP Coverage |
$550 |
$500 |
$500 |
$450 |
$450 |
$450 |
Income Subject to Social
Security Tax |
$106,800 |
$102,000 |
$97,500 |
$94,200 |
$ 90,000 |
$87,900 |
FICA Tax for Employees
and Employers |
7.65% |
7.65% |
7.65% |
7.65% |
7.65% |
7.65% |
| Social Security Tax for Employees and Employers |
6.20% |
6.20% |
6.20% |
6.20% |
6.20% |
6.20% |
Medicare Tax for Employees
and Employers |
1.45% |
1.45% |
1.45% |
1.45% |
1.45% |
1.45% |
| FICA Tax for Self-Employed Workers |
15.30% |
15.30% |
15.30% |
15.30% |
15.30% |
15.30% |
Social Security Tax for
Self-Employed Workers |
12.40% |
12.40% |
12.40% |
12.40% |
12.40% |
12.40% |
| Medicare Tax for Self-Employed Workers |
2.90% |
2.90% |
2.90% |
2.90% |
2.90% |
2.90% |
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