2340 Detroit Ave, 3rd Floor Maumee, OH 43537 | Phone: 419-535-5502

2014 Annual Benefit Plan Amounts

Original content from United Benefit Advisors (UBA)

2014 Annual Benefit Plan Amounts

Contribution & Benefit Limits

2013 Limit

2014 Limit

Section 401(k), 403(b), or 457(b) annual deferral

$17,500

$17,500

SIMPLE plan annual deferral

$12,000

$12,000

Section 415 maximums
– annual benefit from defined benefit plan

$205,000

$210,000

– annual additions to defined contribution plan

 $51,000

 $52,000

Maximum IRA contribution

$5,500

 $5,500

Catch-up contribution limits
– retirement plan

$5,500

$5,500

– SIMPLE plan

$2,500

$2,500

– IRA

$1,000

$1,000

Compensation Amounts
Annual compensation limit

$255,000

 $260,000

Grandfathered governmental plan participants

$380,000

$385,000

Highly compensated employees
– any employee*

$115,000**

$115,000**

– 5 percent owner

no minimum

no minimum

*Employer may elect to limit to top-paid 20%
**Due to the look-back rule, applies in determining HCEs during following year
Key employees
– officer

$165,000

$170,000

– 1 percent owner

$150,000

$150,000

– 5 percent owner

no minimum

no minimum

Small Employer Health Insurance Credit Average Wage Phase-Out

$25,000

$25,400

This information is brought to you by your Partner Firm of United Benefit Advisors — a member-owned alliance of more than 140 premier independent benefit advisory firms and the nation’s leading employee benefits advisory organizations.

2014 Annual Benefit Plan Amounts

Social Security/Medicare

2013 Limit

2014 Limit

– OASDI taxable wage base

$113,700

$117,000

– OASDI tax rate – employer

6.20%

6.20%

– OASDI tax rate – employee

6.20%

6.2%#

– Medicare tax rate – employer

1.45%

1.45%

– Medicare tax rate – employee

 1.45%>

 1.45%>

Maximum income without reducing Social Security retirement benefits
– SSRA* or over

no limit

no limit

– year individual attains SSRA*

$3,340/mo^

$3,450/mo^

– under SSRA*

$15,120/yr

$15,480/yr

#Subject to legislative change
> Employer must withhold additional 0.9% from compensation in excess of $200,000
* Social Security Retirement Age (age at which an individual may receive an unreduced monthly benefit)
^ No limit on earnings beginning the month an individual attains SSRA
Health Plan Limits
Maximum Health FSA

– employee deferral

$2,500

$2,500

– carryover

N/A

$500

Maximum HSA contribution
– individual

$3,250

$3,300

– family

$6,450

$6,550

– catch-up

$1,000

$1,000

Minimum HDHP deductible
– individual

$1,250

$1,250

– family

$2,500

$2,500

Maximum HDHP out-of-pocket
– individual

$6,250

$6,350

– family

$12,500

$12,700

Maximum out-of-pocket (all non-grandfathered plans)
– individual

N/A

$6,350

– family

N/A

$12,700



Top