February/March 2008 |
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2008 vs. 2007 retirement plan limits |
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| Type of limitation | 2008 | 2007 |
| Elective deferral limit for 401(k), 403(b), 457(b)(2), 457(c)(1) | $15,500 | $15,500 |
| Annual benefit limit for defined benefit plans | $185,000 | $180,000 |
| Annual contribution limit for defined contribution plans | $46,000 | $45,000 |
| Annual compensation limit for benefit purposes for qualified plans and SEPs | $230,000 | $225,000 |
| Highly compensated employee threshold | $105,000 | $100,000 |
| SIMPLE contribution limit | $10,500 | $10,500 |
| Catch-up contribution limit for 401(k), 403(b), 457(b)(2), 457(c)(1) | $5,000 | $5,000 |
| SIMPLE catch-up contribution limit | $2,500 | $2,500 |
| SEP coverage | $500 | $500 |
| IRA contribution limit | $5,000 | $4,000 |
| IRA catch-up contribution limit | $1,000 | $1,000 |
| Social Security taxable wage base | $102,000 | $97,500 |