2012 Cost-of-Living Adjustments for Pension Plan and Other Limits | |||||
1. 2012 COLA Adjustments for Pension Plan Limits. The | |||||
Pension Plan Limits Adjusted by IRC § 415(d) | 2012 Amounts | 2011 Amounts (& 2010 & 2009) | |||
Annual benefits limit for defined benefit plans – Code § 415 (b) | $200,000 | $195,000 | |||
Annual contributions limit for defined contribution plans – Code § 415(c) | $50,000 | $49,000 | |||
Elective deferral max for 401(k), 403(b) & 457(b) plans – Code § 402(g) | $17,000 | $16,500 | |||
Age 50 catch-up contributions – Code § 414(v) | $5,500 | $5,500 | |||
Age 50 catch-up for SIMPLE Plans (unchanged) | $2,500 | $2,500 | |||
Elective deferral limit for SIMPLE plans – Code § 408(p) | $11,500 | $11,500 | |||
Highly-compensated employee threshold – Code § 414(q) | $115,000 | $110,000 | |||
Annual compensation limit – Code § 401(a)(17) | $250,000 | $245,000 | |||
Key-employee threshold for top heavy plan - § 416(i) | $165,000 | $160,000 | |||
ESOP account balance for 5-year / 1-year distribution rule under IRC § 409(o)(1)(C)(ii) | $1,015,000 & $200,000 | $985,000 & $195,000 | |||
See also | |||||
The following pension-related amounts adjusted under IRC § 1(f)(3) have been increased: | |||||
Pension-Related Amounts Adjusted under § 1(f)(3) | 2012 Amount | 2011 Amount | |||
Phase-out for deductions for IRA for married couples filing jointly, in which the spouse who makes the IRA contribution is an active participant in an employer-sponsored retirement plan | $92,000 to $112,000 | $90,000 to $110,000 | |||
Adjusted gross income ( | $173,000 and $183,000 | $169,000 to $179,000 | |||
AGI limit for retirement savings contributions credit for married couples filing jointly | $57,500 | $56,500 | |||
IRC § 430(c)(7)(D)(i)(II) amount for determining excess employee compensation for defined benefit plans where election has been made | $1,039,000 | $1,014,000 | |||
2. 2012 Health Savings Account (HSA) Contribution Limits. As announced in June in Rev. Proc. 2011-32, health savings account (HSA) contribution limits for 2012 will be a maximum single contribution limit of $3,100 and a maximum family contribution limit of $6,250, (up from $3,050 and $6,150 in 2011). | |||||
3. PBGC Maximum Insurance Benefit and PBGC Premiums. The PBGC maximum insurance benefit for 2011 is $54,000 per year ($4,500 per month). The PBGC has not yet announced 2012 maximum insurance benefit. The PBGC flat-rate premium for 2012 is unchanged at $35 for a single-employer plan and $9 for multiemployer plans. PBGC What’s New for Practitioners – | |||||
4. Social Security Taxable Wage Base. The Social Security Administration announced in a press release http://www.ssa.gov/pressoffice/pr/2012cola-pr.html and fact sheet http://www.ssa.gov/pressoffice/factsheets/colafacts2012.htm , issued | |||||
5. | |||||
Charles C. Shulman, Esq. cshulman@ebeclaw.com 201-357-0577
Sunday, November 20, 2011
2012 Cost-of-Living Adjustments for Pension Plan and Other Limits
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