|
Contributions and Benefits |
|
2008 Limit |
2007 Limit |
|
§401(k) and §403(b) maximum elective salary deferral |
|
$15,500 |
$15,500 |
|
SIMPLE plan maximum salary deferral |
|
$10,500 |
$10,500 |
|
§457(e)(15) nonqualified deferred compensation plan maximum salary deferral |
|
$15,500 |
$15,500 |
|
Catch-up (age 50 or older) in §401(k), §403(b) and §457 |
|
$5,000 |
$5,000 |
|
Catch-up (age 50 or older) for IRAs and SIMPLE Plans |
|
$2,500 |
$2,500 |
|
Highly compensated employees (HCE) compensation limit (earned in prior year) |
|
$105,000 |
$100,000 |
|
Maximum annual compensation for benefit purposes |
|
$230,000 |
$225,000 |
| Code §415 Maximums | |||
| Ÿ Annual defined benefit plan payout limit at age 62 | $185,000 | $180,000 | |
|
Ÿ Annual defined contribution plan contribution limit |
|
$46,000 |
$45,000 |
| Employee Stock Ownership Plans | |||
| Exercised put option that must be distributed in 5 years | $935,000 | $915,000 | |
|
Incremental dollar amount for extended put option |
|
$185,000 |
$180,000 |
| Pension Benefit Guaranty Corporation | |||
| Maximum guaranteed annual benefit (single employer plans) | $51,750 | $49,500 | |
|
Maximum guaranteed annual benefit (multiemployer plans) |
|
$429 x yrs. of service |
$429 x yrs. of service |
| Ÿ Multiemployer | |||
|
Ÿ Fixed premium (per participant) |
|
$9.00 |
$8.00 |
| Ÿ Single employer | |||
| Ÿ Fixed premium (per participant) | $33.00 | $31.00 | |
|
Ÿ Variable premium (based on PBGC interest rates) |
|
0.9% of UVB |
0.9% of UVB |
|
Social Security/Medicare |
|
|
|
| Social Security | |||
| Ÿ OASDI taxable wage base | $102,000 | $97,500 | |
| Ÿ OASDI tax rate | 6.2% | 6.2% | |
| Ÿ Maximum monthly benefit at full retirement age | $2,185 | $2,116 | |
| Ÿ Full retirement age | 66 yrs. | 65 yrs. 10 mos. | |
|
Ÿ Cost of living adjustment |
|
2.3% |
3.3% |
| Maximum income without reducing Social Security retirement benefits | |||
| Ÿ Over SSNRA | No limit | No limit | |
| Ÿ Year individual attains SSNRA* | Annual Amount | $36,120 | $34,440 |
| Monthly Amount | $3,010 | $2,870 | |
| Ÿ Years before SSNRA** | Annual Amount | $13,560 | $12,960 |
|
|
Monthly Amount |
$1,130 |
$1,080 |
| Medicare Part A | |||
| Ÿ HI (Medicare) taxable wage base | No limit | No limit | |
| Ÿ Medicare tax rate | 1.45% | 1.45% | |
|
Ÿ Deductible |
|
$1,024 |
$992 |
| Medicare Part B | |||
| Ÿ Monthly premium | $96.40 | $93.50 | |
| Ÿ Deductible | $135 | $131 |
* For individuals in the calendar year of their Social Security Normal Retirement Age (SSNRA), $1 in benefits will be withheld for every $3 in earnings above the limit. There is no limit on earnings beginning the month an individual attains SSNRA
** For individuals under SSNRA, $1 in benefits will be withheld for every $2 in earnings above the limit.