Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

   
Resources - Tax Center - Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York
     
 

2013 Retirement Contribution Limits

 
 

Does your company sponsor a 401(k) or other retirement plan? Are you a participant in your company’s retirement plan? If so, then it may interest you to learn that the IRS has issued the plan contribution limits for 2013. This is important information for plan participants and plan administrators alike. For participants, the information is critical in determining their yearly deferrals. For administrators, the limits are important in assessing plan compliance with regulations, specifically in top heavy and nondiscrimination testing. These are important tests that plans undergo each year as part of their employee benefit plan audit. To ensure all our clients, including companies and individuals, are informed of these changes, Boris Benic & Associates has provided updated information on the changes to the following plans and limits;

 

Key 2013 Retirement Plan Limits

 

Plan Type/ Limit Type

2013 Limit

2012 Limit

 

 

 

401(k), 403(b) and 457(b) Elective Deferrals

 

$17,500

$17,000

401(k) and 403(b) Catch Up Contributions

 

$5,500

$5,500

Maximum Annual Contribution – Defined Contribution Plans (employee + employer contributions)

 

$51,000

$50,000

Maximum Annual Benefit – Defined Benefit Plan

 

$205,000

$200,000

Key Employee Definition – Officer Compensation

 

$165,000

$165,000

Key Employee Definition – 1% Owner Compensation

 

$150,000

$150,000

Key Employee Limit – Top Heavy Plans

$165,000

$165,000

 

Highly Compensated Limit – Nondiscrimination Testing

$115,000

$115,000

 

IRA Annual Contribution Limit /Under Age 50

 

$5,500

$5,000

Roth IRA Annual Contribution Limit

 

$5,500

$5,000

IRA/Roth IRA Catch Up Contribution Limit

 

$1,000

$1,000

SIMPLE Plan Deferral Limit

$12,000

$11,500

 

SIMPLE Plan Catch Up Contribution Limit

$2,500

$2,5000

 

 

Contact Us

Unsure how these limits will impact your retirement planning strategy for 2013? Need assistance ensuring your company’s retirement plan is in compliance in light of new limits? Find out why so many individuals and companies across Long Island and New York turn to us for assistance with retirement planning and benefit plan management. For additional information on the 2013 retirement plan contribution limits, please contact Robert Puerto, CPA, at 516-248-7361, or click here to email Robert. In a brief consultation he can assess your situation and offer guidance for your specific circumstances.

 

 
 

Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

 

Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York