The Internal Revenue Service (IRS) recently announced the annual Cost-of-Living Adjustments (COLA) for retirement plans and related limitations for the 2013 tax year. Several of the following limits have changed for 2013 compared to the 2012 limits.
| Item | 2013 | 2012 |
| Maximum Compensation | $255,000 | $250,000 |
| Social Security Taxable Wage Base | $113,700 | $110,100 |
| Elective Deferrals | $17,500 | $17,000 |
| Catch Up Contributions | $5,500 | $5,500 |
| 415 limits (maximum in a defined contribution plan) | $51,000 | $50,000 |
| Annual limit for defined benefit plan | $205,000 | $200,000 |
| Key Employee compensation limit | $165,000 | $165,000 |
| Highly Compensated Employee compensation | $115,000 | $115,000 |
For questions regarding these pension plan limit changes, please contact GSA at 1.800.250.2741 ext. 170 or via email at solutions@gsanational.com.
